South Carolina Trust Code

State:
South Carolina
Control #:
SC-E0177
Format:
Word; 
Rich Text
Instant download

Description

This form is a living trust form prepared for your state. It is for a husband and wife with one child. A living trust is a trust established during a person's lifetime in which a person's assets and property are placed within the trust, usually for the purpose of estate planning. The trust then owns and manages the property held by the trust through a trustee for the benefit of named beneficiary, usually the creator of the trust (settlor). The settlor, trustee and beneficiary may all be the same person. In this way, a person may set up a trust with his or her own assets and maintain complete control and management of the assets by acting as his or her own trustee. Upon the death of the person who created the trust, the property of the trust does not go through probate proceedings, but rather passes according to provisions of the trust as set up by the creator of the trust.
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  • Preview Living Trust for Husband and Wife with One Child
  • Preview Living Trust for Husband and Wife with One Child
  • Preview Living Trust for Husband and Wife with One Child
  • Preview Living Trust for Husband and Wife with One Child
  • Preview Living Trust for Husband and Wife with One Child
  • Preview Living Trust for Husband and Wife with One Child
  • Preview Living Trust for Husband and Wife with One Child
  • Preview Living Trust for Husband and Wife with One Child
  • Preview Living Trust for Husband and Wife with One Child
  • Preview Living Trust for Husband and Wife with One Child
  • Preview Living Trust for Husband and Wife with One Child

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FAQ

One of the most common types of deeds people are familiar with in Michigan are quitclaim deeds. These are used to quickly transfer property and are done using forms filed with the county. The document gives the person signing for the property the same interests in the real estate currently held by the existing owner.

Calculating the Michigan Real Estate Transfer Tax The real estate transfer tax includes two components: the state tax and the county tax. These taxes are levied at different rates: State Transfer Tax Rate ? $3.75 for every $500 of value transferred. County Transfer Tax Rate ? $0.55 for every $500 of value transferred.

State Law requires a Property Transfer Affidavit to be filed whenever real estate is transferred (even if you are not recording a deed).

Does the seller pay closing costs in Michigan? Yes, sellers pay closing costs in Michigan (and every state). Sellers are on the hook for a number of expenses, including real estate commissions, one of the heftiest costs associated with any real estate transaction.

Property Transfer Affidavit (PTA): The form to be filed with the Assessor's office within 45 days of a transfer of ownership of a property. Parcel Number: A 12-digit number used to identify property for tax purposes.

In ance with Michigan State Law, a Property Transfer Affidavit must be filed with the local assessor's office whenever real estate or some types of personal property transfer ownership (a transfer of ownership is generally defined as: a conveyance of title to, or present interest in, a property, including ...

Affidavit must be filed by the new owner with the assessor for the city or township where the property is located within 45 days of the transfer.

Under the Michigan Seller Disclosure Act, the transferor of real property must deliver to the transferee a seller's disclosure statement. In this statement the seller must disclose the condition of the property and any other information concerning the property that is known to the seller.

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South Carolina Trust Code