This form is a Warranty Deed where the Grantor is an individual and the Grantee is a Trust. Grantor conveys and warrants the described property to the Grantee. This deed complies with all state statutory laws.
Maine Warranty Deed - Individual to a Trust
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FAQ
Locate your current deed. Use the proper deed. Check with your title insurance company and lender. Prepare a new deed. Sign in the presence of a notary. Record the deed in the county clerk's office. Locate the deed that's in trust. Use the proper deed.
Transferring Real Property to a Trust You can transfer your home (or any real property) to the trust with a deed, a document that transfers ownership to the trust. A quitclaim deed is the most common and simplest method (and one you can do yourself).
How To Establish A Trust. You will need to retain an estate attorney to draft and execute your trust document. For a simple revocable or irrevocable trust, it may cost anywhere from $2,000 $5,000.
Retrieve your original deed. Get the appropriate deed form. Draft the deed. Sign the deed before a notary. Record the deed with the county recorder. Obtain the new original deed.
A warranty deed protects property owners from future claims that someone else actually owns a portion (or all) of their property, while trustee deeds protect lenders when borrowers default on their mortgage loans.
The act of transferring a property that is owned by an individual into a trust, will see the trust liable to pay stamp duty on acquisition of the asset. Additionally, the individual who is transferring ownership to the trust, will be liable to pay capital gains tax on the disposal of the asset.
A trustee deed offers no such warranties about the title.
Take the signed and notarized quitclaim deed to your county recorder's office to complete the transfer of title into your revocable trust. Check in two to four weeks to ensure it has been recorded. Include the address of the property on the asset list addendum attached to your trust.
No. And unless the deed identifies the trust as an owner, then father is the owner of an interest. It is a common mistake to set up a trust and then fail to deed property into the trust. However, you cannot force him to make the changes you are...