The Best Way to Pass a Home to Heirs
- 1). Obtain a copy of your existing deed. The deed is the document you received that transferred ownership to you when you acquired your home. You should have received the original deed after it was recorded in your local county clerk's office or office of the register of deeds. If you can't find your copy, go to the county clerk or register of deeds where they will provide you with a copy of the deed for a small fee.
- 2). Ask your local recording office what documents it requires in addition to a new deed to transfer ownership of your home. Some localities have documents they want you to submit with the new deed so it can be recorded. These could include a cover sheet or state-required transfer forms. Your county clerk or register of deeds will tell you what you will need and provide you with copies of the forms and instructions on how to complete them.
- 3). Obtain a blank deed form. Blank deeds can be obtained from a local stationary or office supply stores, title insurance company Internet sites or, in some places, the county clerk or recorder's office.
- 4). Fill in the names and addresses of the parties on the new deed. The first name will be that of the person transferring ownership, known as the "grantor." The second will be that of the person to whom ownership is being transferred, known as the "grantee").
- 5). Add the property description to the deed. The description should be copied exactly as it is written on the old deed. Take your time, because a mistake in the description will result in the deed being rejected for recording or, worse, be recorded with an erroneous description of exactly what is being transferred. Such an error could have serious consequences for your heirs later when they try to sell or transfer the property.
- 6). Decide whether you want to retain a "life estate." If you transfer ownership to your heirs and don't retain an ownership interest in the home, full control would pass to your heirs immediately. To guarantee your right to live in the home for the rest of your life, you can add to the deed that you are retaining a life estate. This is done by adding the phrase "reserving to the grantor an estate for life in the property" to the property description. This language guarantees the property can't be sold or mortgaged during your lifetime without your consent.
- 7). Execute the new deed by signing it in front of a notary public, who will sign and place a notary seal on the document.
- 8). Record the deed. Take the deed and any required transfer documents to the county clerk or register of deeds to be recorded. After you pay the recording fees, retain the receipt. The recorded deed will usually be sent to you in a few weeks.
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