Notes

While a real estate deed, as a document, establishes the ownership of an individual towards a particular property, transfer of the same property to another individual or entity would entail fresh documentation and preparation of a fresh deed. Amongst the many reasons for transfer of property between individuals, when it is a parent or an elder who wishes that the property should pass on to his next of kin upon his death, the deed indicating the same is referred to as a transfer on death deed. It is essential for this deed to be recorded in the county office in order o be valid and recognized and has to be passed on to the grantee in the event of death of the grantor.
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Going through the circle of life, everyone reaches a stage wherein thinking about death is inevitable and the next natural thought which occurs is obviously that of children. Most of the people like to leave behind something for their children in form of inheritance and this usually takes the shape of property, commonly known as real estate. There are a number of ways in which this can be done, creating a trust being one of them, but over a period of time, none have been found as being as effective and as dependable as the transfer on death deed. Establishing a trust is not only a complicated procedure but an expensive one as well and very often individuals who have chosen this option find themselves at the mercy of lawyers, which in itself is not desirable. Comparatively a transfer on death deed is preferable for its ease as also its clarity.


On signing the real estate transfer on death deed, the owner of the real estate is required to mention the person's name or the entity to which the property would pass on to after his death. This inclusion can be made without a probate proceeding and the details pertaining to the beneficiary can be changed at any time without having to seek the consent of the beneficiary. All it requires is a visit to the real estate office and ask for the records after which the necessary alterations can be made. Therefore, for people who are planning out their estate, this deed is like a God-send as it ensures preservation of wealth in the best possible manner and fair distribution of assets which have been accumulated during the lifetime.


For a transfer on death deed to be valid, it has to be mandatorily recorded during the lifetime of the owner. But since it becomes effective only after the death of the grantor, the actual transfer of property to the grantee also takes place after this event when the necessary documents like the death certificate as also the affidavit of survivorship is presented before the authorities. In case the grantor wishes to revoke the name of the grantee mentioned on his real estate deed and replace it with another name he would be required to take appropriate action prior to his death. Although the grantor reserves the right of changing his mind about who to hand over the property to after his death, unless the revocation is duly recorded before his death, it does not have any standing in the eyes of the law.

The decision to opt for the transfer on death deed has a number of advantages for the elderly as it enables them to exercise certain rights over the property without any interference from any one else including the beneficiary. This implies that during the lifetime of the grantor the beneficiary does not have any power over the property and hence cannot use it for his personal financial gains like mortgage or taking an interest. Transferring of the property by the grantee is also prohibited till it is legally and officially declared as belonging to him. On the other hand, the grantee ought to be prepared for the fact that taxes, mortgage or any other liens attached to the property in question under the transfer on death deed would be carried over to him.

When the beneficiary receives the property subsequent to the death of the grantor, he/she has to adhere to a certain procedure in order to shift it to his/her name as a way of dispensing with the legal formalities. It is essential to change the title of deed as soon as possible as delay in the matter could lead to uncalled-for complications at a later stage and since it is a simple process which lasts for about 30 days, the sooner it is undertaken the better it is for the grantee.

Name changing process with regards to a real estate deed commences with gathering all the necessary documents for bringing about the name change. Some of the papers which play an important role in this regard are the marriage certificate, a divorce decree in case of a divorce, copy of the death certificate of the grantor and the child's birth certificate in case the child's name needs to be added on to the deed. Having collected all the papers, the grantee would have to call up one of the reputed title companies and explain that the name would have to be changed along with the reason for doing so. On its part, the title company would require the grantee to fill an application form, ask for a picture id and the documents and initiate the process of changing of the name.

At this stage it is imperative to be aware of the payment procedure of the title company and this may differ from one company to another depending on their individual regulations. However, since the process of changing the name requires a certain amount of charge, all title companies ask for a certain amount of advance and use this amount to prepare the new deed and file it with the county clerk's office. Recording the new real estate deed in the public records office also comes under the job description of the title company while the new owner is provided with the copy of the deed which should be stored in a safe place as a proof of ownership.


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