Salient features of the quit claim deed and TOD Deed forms

If you happen to be involved in real estate transactions in the past, you must have heard about the term quit claim deed. A quit claim deed form is a document that can be used for transferring the legal rights of a property from one person to the other. Usually this form is used among family members or people who have known each other for a long time. The reason for this is that this form does not provide any information or guarantees regarding future claims of ownership. 

There are also a number of other deeds and forms that are used for the transference of a real estate property. One of them is the TOD Deed form. You can learn all about the TOD Deed form here. 

What is the TOD Deed form? 

The TOD Deed or the Revocable Transfer on Death Deed is a type of real estate property exchange document that came into effect on January 1, 2016 in California. Originally known as the Assembly Bill 139, it allows for a non-probate method to convey a real estate property upon death. The deed basically states that a specific person is going to inherit the property as the transferor’s life comes to an end. 

In this type of document, the grantor declares that he or she would want a certain person to have the property on his or her death. The TOD Deed is recorded stating that as the person who makes the deed dies, the individual who is mentioned in the deed is going to get the property. However, the grantor also has the freedom to change the deed before his or her death and may choose a different person who can get the property after his or her death. Basically the TOD Deed works in a way similar to a trust or a will. 

Key aspects of TOD Deed 

These are the five essential elements that define the TOD Deed

  • The TOD Deed has to be recorded or made within the first 60 days from the date that it was effectively signed and notarized, prior to the date of death of the transferor.
  • A TOD Deed cannot transfer the legal share of any co-owner.
  • The relevancy of the TOD deed cannot be removed or revoked by a will.
  • The TOD Deed document cannot be drafted and used for transferring a multi-family residence which has got more than 4 units. It cannot be used for any industrial real estate property or commercial real estate property or any kind of agricultural property that is larger than 40 acres.
  • When there’s more than a single beneficiary involved, the beneficiaries are going to inherit equal shares of the property as tenants. In the event that one of the beneficiaries dies before the transferor, the rest of the beneficiaries are going to inherit the property in equal shares.

Getting real estate legal forms online 

A Michigan quit claim deed form or a TOD Deed form can now be obtained from an online site that has multiple real estate transference legal forms to offer. If you are looking to manage a transaction like this without any worries, you should collect the forms from the online legal forms site, have them filled up and then checked out by an attorney. You can also get them signed by a notary so that these forms can later be presented in the court of law.