There are a few steps involved when transferring property. For example the grantor must identify an individual whom they want to transfer the property to or they made decide to transfer the property into a trust. There are a few key elements involved when deciding what deed will be used when transferring the property: the date of the deed, if property has a mortgage, and if there is a trust involved.
If the deed was made before 1995 the grantors must do a survivorship deed. A survivorship deed allows both grantors to own the property and if one were to pass before the other, the survivor, would still own the property. The rule of the survivorship deed applies if the deed was made before 1995 whether or not they have a trust.
Here are a few examples to better understand the different types of deeds.
a.) IF there was a mortgage involved: If the deed was made before 1995, without a trust, and the grantor was simply transferring the property to an individual they would do a survivorship deed and a transfer on death affidavit that would allow the individual to take ownership of the property at the time of the grantor’s death.
b.) IF there wasn’t a mortgage involved: If the deed was made after 1995, without a mortgage, and the grantor was transferring property to an individual they would do a quit claim deed. A quit claim deed would allow the individual to become the “grantor” and take ownership of the property right away since the former grantor essentially “quits” or disowns the property.
c.) IF there was a mortgage WITH or WITHOUT a trust: If the property deed was made after 1995, with a mortgage attached, it’s a simple transfer on death affidavit, whether or not a trust is involved.
d.) IF there was a trust: If the property deed was made after 1995, with a trust, without a mortgage, it’d be a quit claim deed.