Get Transfer On Death Deed Maine

Transfer on death deed authorized. An individual may transfer for no consideration property to one or more beneficiaries effective at the transferor's death by a transfer on death deed.

Maine deeds must identify by name the current property owner (the grantor) transferring real estate. A deed must also state the new owner's name and address—including street and number, municipality, and state. Deeds customarily include the marital status of any parties who are natural persons.

Three of the most popular deed forms for transferring real estate during the owner's life are warranty deeds, quitclaim deeds with covenant, and quitclaim deeds without covenant. The principal distinction between the three forms is the warranty of title each offers.

§ 6-401, et seq., the Uniform Real Property Transfer on Death Act, see https://legislature.maine.gov/statutes/18-C/title18-Csec6-401.html, which authorizes the use of transfer on death deeds, sometimes called “Lady Bird Deeds”.

The only way to add or remove a name on a deed is to have a new deed recorded. Once a document is recorded, it cannot be altered. In order to protect your legal interests, we strongly suggest that you contact an attorney to have this done for you.

If you have made a will or previous TOD deed that leaves the property to someone, your new TOD deed will override it. Your rights. You keep complete ownership of, and control over, the real estate while you're alive.

Disadvantages of a lady bird deed Property taxes may be higher for the beneficiary. States may increase the taxable value of a property when it transfers to your beneficiary when you die. Thus, the beneficiary of a lady bird deed might be hit with higher property taxes once they inherit the property.

Transfer on death deed authorized. An individual may transfer for no consideration property to one or more beneficiaries effective at the transferor's death by a transfer on death deed.