#Dtransfer on death deed co benficiaries verification

For instance, in the case of a divorce, if both ex-spouses’ names are on the home mortgage loan, they are both still responsible for the mortgage payments, even if a quitclaim deed has been filed.

It is important to recognize that a quitclaim deed impacts only the ownership of the house and the name on the property deed or title, not the mortgage. In that case, the insurance company would ask that person to sign a quitclaim deed. Some families or parties opt to put their real property into a family trust, and a quitclaim deed can be used then as well.Īnother time that a quitclaim deed might be used is when a title insurance company finds a potential additional owner of a real property and wants to make certain that this person doesn’t make a future claim of ownership. In other cases, a quitclaim deed can be used when parents transfer property to their children or when siblings transfer property to each other. Examples include when an owner gets married and wants to add a spouse’s name to the title or deed, or when the owners divorce and one spouse’s name is removed from the title or deed. Quitclaim deeds are a quick way to transfer property, most often between family members. A quitclaim deed real estate transaction sometimes occurs between family members. No money is involved in the transaction, no title search is done to verify ownership, and no title insurance is issued. Quitclaim deed: Used when a real estate property transfers ownership without being sold. Title insurance provides the financial backup to the warranty deed, and requires a title search to verify that no other claims, encumbrances, easements, or liens on the property are outstanding. In addition, the deed serves as a statement that there are no liens against the property from a mortgage lender, the Internal Revenue Service, or any creditor, and that the property can’t be claimed by anyone else. Warranty deed: Used in most real estate sales transactions, this deed says that the grantor (previous owner) is the owner of the property and has the right to transfer the property to you (the grantee). The legal document that transfers ownership of the property can be a warranty deed or a quitclaim deed. April 20, 2015.Two types of deeds to transfer ownership of real property Notwithstanding the provisions of Section 26 of Title 16 of the Oklahoma Statutes, an affidavit properly sworn to before a notary shall be received for record and recorded by the county clerk without having been acknowledged and, when recorded, shall be effective as if it had been acknowledged.Īdded by Laws 2008, c. For a record owner's death occurring on or after November 1, 2011, the beneficiary shall record the affidavit and related documents with the office of the county clerk where the real estate is located within nine (9) months of the grantor's death, otherwise the interest in the property reverts to the deceased grantor's estate provided, however, for a record owner's death occurring before November 1, 2011, such recording of the affidavit and related documents by the beneficiary shall not be subject to the nine-month time limitation. The grantee shall attach a copy of the record owner's death certificate to the beneficiary affidavit. A legal description of the real estate.ĭ. Whether the record owner and the designated beneficiary were married at the time of the record owner's death andģ.

#Dtransfer on death deed co benficiaries verification

Verification of the record owner's death Ģ. To accept real estate pursuant to a transfer-on-death deed, a designated grantee beneficiary shall execute an affidavit affirming:ġ.

The signature, consent or agreement of or notice to a grantee beneficiary or beneficiaries of a transfer-on-death deed shall not be required for any purpose during the lifetime of the record owner.Ĭ. For purposes of the Nontestamentary Transfer of Property Act, an 'interest in real estate' means any estate or interest in, over or under land, including surface, minerals, structures and fixtures.ī. A transfer-on-death deed need not be supported by consideration.

The deed shall transfer ownership of the interest upon the death of the owner. An interest in real estate may be titled in transfer-on-death form by recording a deed, signed by the record owner of the interest, designating a grantee beneficiary or beneficiaries of the interest.