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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Need some clarification... Posted by Lisa Khalaf on March 13, 2004 at 6:52 PM In Reply to: Need some clarification... posted by Ward-CA- on March 13, 2004 at 4:19 PM : : Hi Ward, : : I'm going to sign an EPA contract with a seller today and wanted to understand a few things while I have some time during the 5 day right of rescission. First off, title is held in both the husband and wife's name, but the husband passed away two years ago. : : 1. Do I need to fill out an Affadavit of Death in conjunction with recording my first grant deed (deeding title from owner as individual to owner as trustee of land trust)? I want to make sure the grantor vesting is correct. : : 2. Do I record both grant deeds (#1 described above, #2 where owner as trustee grants title to successor trustee) in escrow? Or do I record grant deed #1 first and have Grant deed #2 be recorded in Escrow a few days later? : : 3. Will the owner's current title insurance policy insure me as the successor trustee of the land trust I will be creating to place her property in? : : 4. Do I need a new title insurance policy if the owner's title is clean? What about if I intend to hold property as a rental - I imagine I would have to get my own title insurance policy. : : Thanks so much, : : Lisa : ================= : Lisa, : #1. Hopefully the couple held title in joint tenancy. Check the currently recorded deed to see if they held title as joint tenants. If they did, then you can simply solve the problem by having the wife execute and record an Affidavit of Death of Joint Tenant with an attached certified copy of the husband's death certificate. The affidavit is easily available from the customer service department of your local title company. If you need held in filling it out give me a call. : Once the affidavit is recorded then you can record a deed from the widow to you. : However, they didn't hold title in joint tenancy then the problem is a little more complicated. Hopefully there's a will and the husband willed his entire interest in the property to his wife. If so, then she needs to record a Notice of Interest In Property of Deceased Spouse. That form might also be available from a title company customer service. But if not, give me a call. : If there's no joint tenancy and no will then CA's intestate succession rules come into play. Basically that means that if the decedant is survived by a wife but no descendants then the wife inherits his property. But if he's survived by a wife as well as a decendant then the wife inherits half of his property interest and the descendant the other half. : #2. The complication of the husband's death makes this deal too cumbersome to also try to incorporate a transfer to a trust. : #3. The extension of existing title insurance to you, in this deal, won't work. : Figure out the current status of title first and then you will know what you need to do. : : Hope this helps. Hi Ward: The couple did hold title as joint tenants. After speaking with the woman yesterday, she said when she filed a death certificate, she became the sole person to hold title to the property so I don't belive I have to file the Affadavit of Death. But I need to verify this when doing a title search. If this is the case and the wife is the sole owner, can I go ahead and place the property in a trust? You mention I will not be able to be insured by the existing insurance policy - why is that? Shall I purchase new title insurance when I refinance the property or before then? Thanks, Lisa Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : Hi Ward, : : : I'm going to sign an EPA contract with a seller today and wanted to understand a few things while I have some time during the 5 day right of rescission. First off, title is held in both the husband and wife's name, but the husband passed away two years ago. : : : 1. Do I need to fill out an Affadavit of Death in conjunction with recording my first grant deed (deeding title from owner as individual to owner as trustee of land trust)? I want to make sure the grantor vesting is correct. : : : 2. Do I record both grant deeds (#1 described above, #2 where owner as trustee grants title to successor trustee) in escrow? Or do I record grant deed #1 first and have Grant deed #2 be recorded in Escrow a few days later? : : : 3. Will the owner's current title insurance policy insure me as the successor trustee of the land trust I will be creating to place her property in? : : : 4. Do I need a new title insurance policy if the owner's title is clean? What about if I intend to hold property as a rental - I imagine I would have to get my own title insurance policy. : : : Thanks so much, : : : Lisa : : ================= : : Lisa, : : #1. Hopefully the couple held title in joint tenancy. Check the currently recorded deed to see if they held title as joint tenants. If they did, then you can simply solve the problem by having the wife execute and record an Affidavit of Death of Joint Tenant with an attached certified copy of the husband's death certificate. The affidavit is easily available from the customer service department of your local title company. If you need held in filling it out give me a call. : : Once the affidavit is recorded then you can record a deed from the widow to you. : : However, they didn't hold title in joint tenancy then the problem is a little more complicated. Hopefully there's a will and the husband willed his entire interest in the property to his wife. If so, then she needs to record a Notice of Interest In Property of Deceased Spouse. That form might also be available from a title company customer service. But if not, give me a call. : : If there's no joint tenancy and no will then CA's intestate succession rules come into play. Basically that means that if the decedant is survived by a wife but no descendants then the wife inherits his property. But if he's survived by a wife as well as a decendant then the wife inherits half of his property interest and the descendant the other half. : : #2. The complication of the husband's death makes this deal too cumbersome to also try to incorporate a transfer to a trust. : : #3. The extension of existing title insurance to you, in this deal, won't work. : : Figure out the current status of title first and then you will know what you need to do. : : : : Hope this helps. : Hi Ward: The couple did hold title as joint tenants. After speaking with the woman yesterday, she said when she filed a death : certificate, she became the sole person to hold title to the property so I don't belive I have to file the Affadavit of Death. : But I need to verify this when doing a title search. : If this is the case and the wife is the sole owner, can I go ahead and place the property in a trust? : You mention I will not be able to be insured by the existing insurance policy - why is that? : Shall I purchase new title insurance when I refinance the property or before then? : Thanks, : Lisa Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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