Deceased Grantor On Warranty Deed
husband and wife own property. husband dies. i have talked to the arkansas circuit court. i know i have to file a death certificate. they wont give me any legal advice, and i live 2000 miles away from there.
it is currently titled as john and mary, husband and wife.
my thought is to prepare a grant deed saying "john and mary, husband and wife hereby grant to mary" blah blah blah. obviously mary would be the only one signing the document.
so i would be sending the document, along with the death certificate of john to be recorded.
will this get me clear title with mary alone ?
i then plan for mary to put property in trust. but that part is easy to do, once i have her alone on the title.
In Florida the procedure would be to have Mary deed the property to the Trust, and accompany the deed with the death certificate, and record both the deed and the death certificate.
You could call any title company in Arkansas to determine the exact process there.
[addsig]
i got the same story from 2 title companies in arkansas. i sent them emails, and they said they are not in the position to give out legal advice, and to contact an attorney who knows arkansas law.
Hire a local Arkansas RE attorney - hopefully you can get a referral. This is not the kind of thing you want to pass on getting legal advice.
i am now pretty sure that my mom does indeed inherit the property. just a reminder - make sure deed has the entire wording on it. that way you dont have to wonder what default the state has. so instead of just husband and wife, put down husband and wife, as tenants in entirety. or joint tenants. or community property. or tenants in common, whatever the case may be. that way there is absolutely no confusion as to how title is held.
the following is true in almost all states. if the property has some sort of automatic inheritance (i.e. no probate), then all that needs to be done is file a notice of death of property owner, along with the death cert. that should re-title the property in the name of the new owner.
so if 1 joint tenant dies, or 1 of the tenants in entirety, the other one automatically gets the property, with the simple filings i just mentioned.
if held in trust, then filing a notice of death of trustee, along with the death cert - should place the property in the hands of the remaining trustee, or successor trustee, if no remaining original trustees.
prohibited transaction are a pain to understand.
What has your custodiam said?
As to getting it out of the IRA, you can sell the lot, but you again have to watch out that it might be a prohibited transaction.
one would think that since they collect fees, they are the experts and should be bound to things.
There are ways to structure these transactions so they are legal, just not this way.
does that person live in the home?
i filled out a quick claim deed today. it is just a template. but if you want to have peice of mind and ease, contact a real estate attorney in the county of the property.
That person does live in the home, but is moving out. I will find a RE lawyer in the area. Thanks!
Yes, a quit claim deed irrevocably transfers any interest (that the grantor has the right to transfer) to the grantee.
Chris
Yep, Quit Claim will work. If they can read, accept your offer and sign it (quit claim) in front of the notary, file it at your courthouse...then its pretty much done.
If all mortgages are in your name, then you are really good to go.
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