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Something Went Wrong |
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Dear Edith: I recently paid cash for a small condo. Since I plan on retiring soon I wanted to simplify my life and my estate. At the closing on the condo I asked the person in charge about putting in a TOD to my two sons. The agent said "It is easy and can be done today for a small fee".
I have received a property tax bill listing all three of our names on the property, also I found papers for a quit claim deed with all three of our names as Grantors. I fear this is not a TOD, but maybe I already have given my sons their inheritance and in doing so my property is at risk, and that I may not even be able to sell if I wanted to. Am I in jeopardy? |
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Not all states allow “Transfer On Death” arrangements with the ownership of real estate. At any rate, whoever ran that closing made a mistake, and should correct it for you as soon as possible. Just start making a fuss.
Small point: The one who sells is the grantor. That’s the person who gives ownership—grants it-- to a grantee. I’ll bet you and your sons are listed as grantees, not grantors. |
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Edith
Originally published on November 6, 2006 |
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