Mentor OH real property lawyer
Serving all Northeast Ohio
The law regarding real property is vast and complex. Real property cases range from property transfers to disputes and include land, buildings, and fixtures on the land. No matter which situation you find yourself in, an attorney at Moseman Law Office can help you understand your ownership and your rights. This post will provide some useful information to help you begin.
Real Property Vs. Personal Property
Let’s begin by clarifying the difference between real and personal property.
Real property is land with or without a building, a building with or with land, and “permanent” fixtures on the land. Land includes the earth and what is beneath it, though airspace above it is not included. A fixture refers to anything which is attached to the land, like plants planted in the soil. If the fixture is portable or was once part of the land and has been removed, like a mineral or a plant that has been harvested or dug up, it is personal property.
Personal property refers to every other type of property besides real property. Tangle or intangible belongings are considered personal property. Furniture, vehicles, artworks, stocks, and cash are personal property.
Real Property Ownership
This is the simplest form of ownership. One person possesses full ownership of real property and has the right to use it as they choose, possess rents, goods, or profits acquired because of ownership of the property, mortgage the property, and determine what can be done with the property. There are limitations to what can be done with the property even with full ownership due to local restrictions and the interests of neighbors.
Two or more individuals can own the same real property.
If their share is not specified as being of equal, undivided value, this is known as Tenancy in Common. Each owner has the legal right to sell or transfer their interest in that property without the consent of their co-tenants. If one of the property owners passes away, their interest in the property passes to their heirs rather than their co-tenants.
Joint Tenancy with Right of Survivorship defines undivided interest in the property by both parties. Neither party can sell or transfer their interest in the property without the consent of their co-tenants. If one of the parties passes away, the property will become the full property of the co-tenant. For this to be binding, the deed must include specific language defining the ownership.
Real Property Deeds
General Warranty Deeds are the most common deeds in Ohio. This deed assures the Buyer that the Seller is selling the property under good title and that the Buyer’s ownership is warranted by the Seller against claims by third parties.
Couples or other groups of individuals who wish to share ownership of property and pass that property on to their co-tenant need a Joint & Survivorship Deed.
Fiduciary Deeds are given to individuals acting as either an Executor, Administrator, Trustee, or a Guardian, so they can legally transfer property.
Quit Claim Deeds are used when real property is sold in “as is” condition. These deeds state that the Buyer legally assumes any and all risks of ownership of that property. These risks include needed repairs, disputes, and claims.
Call a Mentor, OH Real Property Lawyer at Moseman Law Office!
If you need assistance with a title transfer, need help with a contract dispute, or simply want to understand your rights regarding your property, a real property attorney can empower you with needed information and help you navigate these complex waters. Make handling your property simpler and simplify your life.
Moseman Law Office, LLC
Moseman Law Office, LLC is a full-service legal firm located in Mentor, Ohio, serving nearby counties, and providing personalized legal solutions to its clients.
Moseman Law Office, LLC
8500 Station St., Ste 210
Mentor, OH 44060
Phone: (440) 255-0832