Generally, if the buyer provides a promissory note for the note's balance and a deed of trust, the seller must provide a warranty deed within 10 days or provide an explanation that legally justifies why the seller is not providing the warranty deed. Contracts for deed can also have strict conditions. Some consumers with a contract for deed have lost their homes because they were a few days late on one payment. This meant that despite making timely payments for years, the contract forced them to leave the property with no stake in the investment.
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It is therefore critically important for you to know exactly what type of contract you are signing and to make sure you can meet all the conditions. Refinancing issues - Consumers who refinance their home can get in over their heads by not reading the new loan's terms. Some loans advertise "low monthly payments" but have a variable interest rate which skyrockets after a few years. If you choose a loan with a variable rate, make the lender tell you what the monthly payments will be after the rate has adjusted several times.
Some refinancing companies may insist you use "their" appraisers, who may over-value the home. If you borrow more than the home's true value, you could be stuck making large payments or forced to sell your home for less than what you paid. Many refinancing companies offer loans with a "prepayment penalty. Ask if this is included in your loan, and try to have it removed. Loans without a prepayment penalty give you greater flexibility to sell your home or refinance it during the first few years. Avoid any lender who asks you to falsify income or asset figures on your loan application.
Many lenders make legitimate loans based upon "stated" income income for which you don't have any documentation. But if the loan officer suggests that you include phantom income, do not use them. You could face criminal charges for lying on a loan application.
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TxDMV accepts complaints against movers that carry goods that stay within the state of Texas. FMCSA conversely takes complaints against movers that cross state lines. Some scam artists misrepresent themselves to buyers as "free and clear" home owners wishing to sell their home. If no title search is performed, they could sell the buyer a condemned property which often carries a large tax lien. If this happens you could lose the home and your money. Title companies ensure that the buyer is dealing with the property's legal owner or authorized agent. They also inform the buyer about debts or other legal issues associated with the property.
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Search Keywords. Homeownership is the largest investment most consumers make. It is also one of the most complex, often requiring many legal documents and the involvement of many parties. Most agents represent sellers, but many also represent prospective buyers. They generally make their money when a deal on the home closes.
The first thing you should do is ask the agent who they represent. Unless you specifically retained the agent, you should presume they represent the seller. These professionals should be independent of the lender or real estate agent and should give you a candid assessment of the condition and value of the property. Be wary of anyone who insists you use "their" appraiser or inspector. Surveyors can trace the legal history of the property, including property lines, platting restrictions and zoning regulations.
Title companies ensure that the seller is the legitimate owner or representative of the property and will tell you if anyone else has legal claims liens on the property, such as for unpaid taxes or an unpaid mortgage by a previous owner. It is essential that you involve an independent title company, since you could be held liable for many unresolved debts by a previous owner.
No, be specific. The Transfer on Death Deed does not allow you to name classes of relatives, such as "all of my children". The beneficiaries' individual names and addresses must appear on the face of the deed.
No, the beneficiary need not sign or agree to a Transfer on Death Deed. Further, the Transfer on Death Deed does not need to be delivered to the beneficiary to be effective. No, the Transfer on Death Deed is not effective until you die. That means the beneficiary you name in the Transfer on Death Deed cannot control your property.
Your interest in the real property goes to the beneficiary only after you die. If your will and Transfer on Death Deed are inconsistent, the Transfer on Death Deed controls who owns your real property after your death. This applies to wills executed before or after the Transfer on Death Deed. You can only give someone the portion of the property that you own.
If a husband and wife own community property in Texas, it is true that the surviving spouse can claim the deceased's share of the property in certain circumstances. If a spouse dies without a will, though, the surviving spouse will have to file an "affidavit of heirship".
Challenges to this can be made and the affidavit alone does not confer title. Further evidence of family members may be needed. A Transfer on Death Deed transfers title and eliminates the need for additional affidavit proof. Yes, you may file a Transfer on Death Deed even though you have not finished paying off a mortgage. You will still have to make payments while you are alive and if you have not finished paying the loan by the time you have passed away, the beneficiary will still have to pay the mortgage.
No, property owners cannot escape the claims of creditors with a Transfer on Death Deed. Note: Creditors are not notified of a change in ownership when a transferor dies. The beneficiary can do so. No, as the property does not go through the probate system, under current law it is not subject to Medicaid Estate Recovery, whether you are currently receiving long term care or plan to apply for it.
For tax purposes, property transferred with the new deed should be treated in the same way as real property passing through probate.
For most estates, there should be no federal or state estate tax check with your accountant about current estate taxes. Additionally, the heirs should get the "stepped up basis" value on the date of death in the real property and may owe no tax on their inheritance. These instruments must be filed before the death of the grantor in the county where the property is located. Yes, the filing of a Transfer on Death Deed does not change your ownership rights. It does not take effect until you die so you can sell the property, get loans on it, and maintain your tax exemptions.
A TODD is completely different legal document than a will. The person who is named as a beneficiary should file an "Affidavit of Death" in the county records. The person named will then own the property without having to go to probate court.
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In September of , the Texas legislature added more boxes to more specifically designate beneficiaries. For instance, if you have named 2 or more primary beneficiaries, the Transfer on Death Deed form now allows you to choose whether the share of a beneficiary who dies before the property owner goes to the beneficary's children Title to the property does not pass to the beneficiary ies until the Affidavit of Death is filed. Skip to main content. Google Tag Manager. Toggle navigation. Search form. Printer-friendly version Click below for a Toolkit on passing on your house or land without a will What is a Transfer on Death Deed?
How does a Transfer on Death Deed work? What is considered real property? Can I use a Transfer on Death Deed for real property in other states? I already have a will. Does a Transfer on Death Deed replace a will? What are the requirements of the Transfer on Death Deed? Where is a Transfer on Death Deed filed recorded?
I don't have my deed, but I have a copy of the tax record. Is this ok? When is a Transfer on Death Deed Effective?