Tax Certification When Transferring Real Estate

Dickinson Wright
Contact

Considering transferring real estate by quit claim deed when your client is transferring his or her home to his or her Trust?  Instead, consider transferring by warranty deed, in most instances, as a best practice.  When a quit claim deed is recorded with the register of deeds office, the deed is recorded without the county verifying the legal description or the tax status of the property, which can lead to problems when the owner sells or transfers the property in the future.  When a warranty deed is recorded, the county must check the legal description to make sure it is cited correctly, and tax certification is required to ensure that all property taxes are paid to date.  The simple use of a warranty deed can save hundreds of dollars in attorney fees and a delayed closing at future sale, especially after an individual passes away and the estate or Trust must handle curing title.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Dickinson Wright | Attorney Advertising

Written by:

Dickinson Wright
Contact
more
less

PUBLISH YOUR CONTENT ON JD SUPRA NOW

  • Increased visibility
  • Actionable analytics
  • Ongoing guidance

Dickinson Wright on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide
- hide