If the client wants they can check with the Title Insurance Company and possibly pay an additional fee to keep the policy in effect after the transfer to the trust. Generally, you cannot get a mortgage unless the property is in your own name.
If it is in the name of your trust, you probably won't get a mortgage. After you get the mortgage you can then quitclaim the property into the Trust or have us do that for you. Title Insurance Companies, of course, are out to make money and decline in some cases to write title insurance even if the chain of title is good, but the Title Insurance Company is afraid someone might challenge the title and then they would have the expense of defending the claim.
Examples where Title Insurance Companies refuse to issue a policy include:. In the latter two cases sometimes doing an "unnecessary" probate is the cheapest and fastest way to clean up title in a fashion that will allow the property to be sold with the buyer be able to purchase Title Insurance. Nevada Deeds. We will draft the deed, send it to out of state counsel for the client's notarized signature, and then when it is mailed back to us record it and mail it back to either the client or the referring law firm. If there is a legal description of a property on the Assessor's website in a Nevada County we will use only the legal description on the Assessor's website, even if the deed to the present owner contains different language.
We will not state the marital status of grantors or grantees. If the transfer is into a trust we will name the trust as the grantor, not the "current trustees" of the trust. If the deed is to joint tenants we will use only the language, "to Jack and Jill as joint tenants," and we will not add language about rights of survivorship or husband and wife.
These are our judgments of the best practices in Nevada and we will not do it differently because the client or referring attorney wants it done a different way. In certain cases we will check with the County Assessor as to their preferred way to phrase a deed. The Recorder accepts the recording fee and any taxes due by the Assessor keeps the title records.
NOTE: If the Assessor's website for the legal description contains the phrase "PT" that means partial description in those case a complete legal description will have to be included in the deed. If there is no Certificate of Trust, we may have to write one and charge for that additional service. NOTE: All necessary fees are paid when a deed is recorded. See our website, www. That is a hard question.
We are not the most cost effective provider of deeds. If I were running a business to write a large volume of deeds I would run it much differently than my family firm. Sometimes it is necessary to file an Affidavit of Death. This could be done if one of two joint tenants dies in which case the Affidavit serves to transfer title from both to the surviving joint tenant. A certified copy of the death certificate would be filed with the affidavit.
Or, in the case of a Transfer on Death deed, discussed below, an Affidavit of Death would be filed with a death certificate proving that the grantor died and that the property now goes to the grantees. Our charge for filing this is the same as for filing a deed. If the deed is for anything other than a timeshare, we will check the legal description against online data bases and insure accuracy of the legal description. If the deed is for a timeshare there are no public records to check and we rely on the client or forwarding law firm for an accurate legal description.
Some timeshare companies will verify the current legal description with a simple phone call; some are very difficult and time consuming to deal with. Timeshare legal descriptions can and occasionally do change over time so that copying a legal description off the purchase deed does not always give one the correct legal description. Timeshare companies charge their own title transfer fees. If we do a timeshare deed, our services end when we send the client or out of state law firm a copy of the deed tranferring title recorded by the appropriate County Recorder.
For timeshares, this is usually the timeshare company which prefers to pay the tax and pass it along to the customer with the annual maintenance fee. For all other deeds we need an address for the annual tax bill. The filing coversheet which becomes part of the public record asks for the addresses of one grantor and one grantee. Many clients are happy to have their residential addresses included in the deed and cover sheet. Advantages are: A. The residential address is usually the best address for receiving the annual tax bill, and B.
Arguably an address on the deed minimizes the chance of an imposter giving a deed to the property. However, some clients may prefer not to make their residential address a matter of public record. Other clients feel that with all of material on the internet and all of the various commercial search services available residential addresses are not realistically secret anymore. In any event, I need to know what addresses to supply for the requirements in paragraphs 2 and 3. However, Washoe County which includes Reno, takes several weeks to mail back proof of a recorded deed.
This may or may not be a problem. The first questions we will ask is whether the trust favored the caller over other children and whether this deed transfer may lead to litigation over the trust.
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For example, if Mom had 3 adult children, and one was living with her and taking care of her, and the trust leaves everything to the caretaker this is always a complex situation which could lead to litigation, particularly if this issue was not anticipated in advance. Or, the trust might leave real estate equally to four adult children, but one adult child wants to buy the real estate at below market value.
Again, this can lead to complications.
However, assuming that it appears to be pretty straight forward, for example, Mom died and left her home in a trust which lists her sole adult child as the beneficiary, then we will do a deed. For example, we will need a Certificate or Affidavit of Incumbent Trustee saying that the adult child is now the present Trustee. Finally, we will check--or you can do this before calling us--and confirm by going to the Clark County Assessor's website if the property is in the Las Vegas area --that the property is indeed in the trust.
BUT here are some problems: 1 Many title insurance companies are refusing to issue a title insurance policy until the new owner has owned the property for 18 months after the grantor's death.
Prices for Doing Nevada Deed and Types of Deeds:
The following are some problems we have encountered in recording deeds in the different counties of Nevada: Statement Concerning Social Security Numbers: Presently Clark County does not require any statement as to whether a deed contains a social security number, but many other Nevada counties have a form that must be filed stating whether or not the document to be filed contains a social security number, and if so, the authority for including the social security number.
Affidavit of Death of Joint Tenant: If, for example, two people own a parcel of real estate in joint tenancy and one of them dies, the survivor owns the property and the way this is shown in the real estate record is that the surviving joint tenant files an Affidavit of Death of Joint Tenant with a certified copy of the death certificate of the dead joint owner attached.
A certified copy of the death certificate of the deceased joint tenant is attached. Presently Clark County does not require this Affidavit to state which document created the joint tenancy, but some other Nevada counties such as Elko require that the Affidavit make reference to the document which created the joint tenancy. Occasionally it happens that a parcel of real estate will consist of one or more partial lots. In other words, after the developer divided everything into lots, some people subdivided a lot. But this will not be a sufficient legal description.
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Rather, a sufficient legal description must explain exactly which part of Lot 32 is meant. Timeshare Legal Descriptions: Except when dealing with timeshares, legal descriptions are available on county websites or can be clarified with a call to the County Assessor. With more difficulty, a timeshare deed can be ordered from the County Assessor.
However, occasionally the current legal description of the timeshare will differ from the description on the deed because, for example, the timeshare company was changed. However, it has been our experience that the Las Vegas timeshare companies refuse to provide this assistance. If it is a timeshare deed it doesn't matter what address is given because the County Assessor will send one tax bill to the entire timeshare property regardless of what is on the deed. There is no legal requirement other than the address as to where to send tax statements for a deed to contain the address of either the grantor or the grantee.
However, some timeshare companies impose their own requirement that a timeshare deed contains the address of the grantee in the deed.
It is easier to include this address than to fight with the timeshare company. The County Recorder looks to see if a real estate transfer tax is due, if so, how much, and is there a legal description. All properties listed on the Delinquent Tax Auction list were previously deeded to the Elko County Treasurer as trustee for the county and will be sold at public auction. The amount may also include liens related to delinquent sewer, special improvement district assessments, nuisance abatements and other like or related charges.
The burden is on the prospective purchaser, rather than the county, to thoroughly research, before the sale, any matters relevant to his or her decision to purchase a property on this list. The County Assessor's office will have maps and record information on all properties to be sold at their office location and online.
The County makes no representations or claims as to fitness for purpose, conditions, covenants or restrictions. The County's sole interest is the recovery of the amounts owed.
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