Real Property Transfers
In context of estate planning, the firm specializes in transfers of ownership from one individual or entity to another. There are many considerations upon transfer of real property, especially taxation and reassessment. The firm specializes in the following non-litigated transfers:
- Grant Deed. Grant deeds are used to transfer ownership with certain warranties of title. Usually, a standard form of deed is used for most ownership changes.
- Quitclaim Deed. Quitclaim deeds are used to transfer ownership without any warranties of title, usually between related parties.
- Interspousal Deed. Interspousal deeds are used to transfer ownership between spouses.
- Trust Transfer Deed. Trust transfers deed are used to transfer real property into the trust. The trust itself is not a legal entity and as such, cannot own property. The trust transfer deed transfers the property from the prior owner to the name of the trustee of a particular trust.
- Other Deeds. There are various other deeds, configurations, and options that are highly dependent on varying factors.
- Adverse Possession. Adverse possession is a process of obtaining ownership that was not intended by the original owner. Certain elements must be met in order for this to occur.
- Easements. An easement is a non-possessory interest in the land. One may legally own the land while another has rights to its use.
- Disputes. In context of real property, disputes are frequent. Disputes may take the form of an easement dispute that the new owner was not aware of, a boundary dispute, or a plain ownership dispute. For such disputes, a litigation attorney is retained to protect the client’s interests.
- Settlements. To avoid spending a fortune on legal fees and expenses, settlement agreements are tools that are used to settle a dispute. Settlement agreements vary and are dependent on the facts.
FAQs
Can I just deed my house to my children?
Yes. However, it limits the distribution options and is not reversible as opposed to a revocable trust. Some parents deed a portion of their house to their child to qualify for government benefits or for other non-estate planning reasons, only to later find out that it cannot be undone if the child refuses. Use this with caution.
Can I obtain my neighbor's property by way of adverse possession?
It is possible but not as common and not as easy as it seems. Contact our office to discuss your case.
How do I know if my property is subject to easement?
A title report upon purchase will disclose this as well as the deed. However, some deeds may not record the easement. There are situations where a cause of action arises when a property is subject to an easement and it was not disclosed to the buyer.
If the portion of the property is subject to easement, what am I entitled to?
It all depends on the type and the terms of the easement. You must locate the original instrument granting the easement.
How can I pass my estate to my children but still retain control over it?
The most efficient method is using a revocable trust. It will provide for the beneficiaries and allow you to change it before you pass.
When are real property settlements used?
Whenever the parties want to settle a dispute and prevent further legal fees and expenses.