Have you ever bought a home or commercial property in any of the following circumstances--where the seller was a decedent's estate, a receivership, a bankruptcy estate? In each of these situations, the party signing the deed will not be the individual or company that has title to the property but a fiduciary who's been court appointed to handle disposition of the owner's property. The executor handling the decedent's estate, the receiver in a receivership, or the trustee in a bankruptcy estate are appointed by a court having jurisdiction over the property and typically transfer property using what is called a "fiduciary deed."
Real property that is sold by the executor, if there is a will, or an administrator, if there is no will, does not use the certificate of transfer process. If there is need to sell an interest in real property prior to the end of the will contest or estate administration period, the executor, or administrator, as a fiduciary, if authorized to sell the real property, can proceed using a fiduciary deed. A fiduciary deed is used to transfer property when the executor is acting in his official capacity. A fiduciary deed warrants that the fiduciary is acting in the scope of his appointed authority but it does not guarantee title of the property. (Oh. Rev. Code Sec. 5302.09).