Forms of property ownership
Before you transfer ownership of any property, know the kind of ownership being discussed. Some are better handled with specific deeds of conveyance.
Forms of property ownership types include:
- Sole ownership.
A single person owns the property. - Joint tenancy.
Multiple people own the property. - Rights of survivorship.
Multiple people own the property and inherit equal shares after another owner’s death. - Tenants in common.
Multiple people own the property and do not inherit any shares after another owner’s death. - Tenancy by entirety.
Two people own a property, one of whom inherits the entire property after the other’s death.
I was left house in both my mother and father’s will, how do I get my name on deeds?
Hello Bernie,
Thank you for your inquiry.
Generally, If the home is bequeathed in a will, it is to acquire a grant of probate which would transfer the property to the beneficiary of the will. The process may require you to hire a solicitor and costs some fees. The usual process is:
1. Consult the original deed on the property to confirm that the property wasn’t jointly owned by anyone who is still living.
2. Determine the order of the joint owners’ deaths by examining their death certificates
3. Draft a new deed to replace the one on file. In your case, you’ll need a executor’s deed
4. Sign the new deed with the executor of the will or court administrator in the presence of a notary public.
Sometimes owners of a property take care of inheritance issues before they die. If your parents were able to drew up a transfer-on-death deed before they died, deeding the property to you, you’re all set.
Hope this helps.
Cheers,
Jonathan
I withdrew my name out of title deed of my sister’ property. Do I have to pay gift tax even though I don’t gift her?
Hello Theresa,
Thank you for your inquiry.
Gifts can be in a form of cash or property. If it was a property, the dollar value will depend on the fair market value that the property has.
The good news is as of 2015, $5.43M per person is excluded from gift and inheritance tax, and this is adjusted every year as per inflation. So as long as you stay below that threshold through lifetime, there is nothing to be concerned of. You may want to refer to this local revenue website for further information.
Hope this helps.
Cheers,
Jonathan
My uncle and aunt died. I found a deed in their name. I am living in their house. No one else is claiming the small house that needs repairs. How do I put my name on the deed?
Sincerely
Polly
Hello Polly
Thank you for your inquiry.
An attorney or law firm must handle the property transaction. They will prepare the documents and arrange for the registration of your land title documents. The attorney or law firm should present your land title documents to the lodgement counter at the Land Registry, where quality assurance checks will be made. This is done to ensure that the information contained in each document meets the requirements of the Land Registry.
You can check the Government of the Republic of Trinidad and Tobago’s Registering Land Title Documents page to know more about the procedure or if you’d like to get more information.
Hope this helps.
Cheers,
Jonathan
My ex and I bought into a resort. They have packages. We were given a General Warranty deed for this. Since we have broken, my question is, how do I go about having my name removed from it?
Hello Lynda,
Thank you for your inquiry. The usual process for removing one’s name on the deed is as follows:
1. Obtain a certified copy of the existing deed from the county clerk or recorder’s office and review the following information contained therein: names of owners, legal description, address, and tax assessment number. This should all be accurate before any changes are made to the deed.
2. Fill-in-the-blanks deed forms are usually available from online sources, a local office supply store or the county clerk’s office. These are often state-specific, which means that they use language and guidelines that are compliant with statutes.
3. In the document, the person transferring interest in the property is the grantor; the person receiving the interest is the grantee. Prepare the form by filling in the appropriate information, but don’t sign it yet.
4. Go to the county recorder’s office with the unsigned document and the identification documents of the parties involved in the change or transfer. The county clerk can act as a notary and record the document at the same time; they can even provide a witness to the signing. Otherwise, a notary can be contracted for this purpose and the executed deed can be recorded later.
Please take note that removing someone’s name from a deed does not remove his obligation to pay his portion of any mortgage on the property. The loan must also be refinanced in a separate action if needed. In cases of divorce, this is normally handled as a part of the settlement proceedings.
Hope this helps.
Cheers,
Jonathan
How do I remove someone from property if they are dead
Hello Barbara,
Thank you for your inquiry.
Generally, we need to know how the property was transferred to the deceased person by examining the deed. If he/she was a sole owner, probate or alternative to probate may be required. If it was joint ownership, it will be an Affidavit of Joint Survivorship to avoid probate.
A probate is a legal proceeding to transfer a deceased owner’s interest to his or her heirs. It can be a long and hefty process, so it is important that you talk with an attorney regarding this. If it is through survivorship, the process may be a little easier and oftentimes, most people don’t file a new deed as it is usually transferred to whoever outlives the other.
Take note that there are conditions that need to be met and state regulations may vary. It is recommended to have a legal professional review the circumstances surrounding your request.
Hope this helps.
Cheers,
Jonathan