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Contract for the Lease and Mandatory Purchase of Real Estate -...

Real Property Clause In Will In Santa Clara

Category:

Landlord Tenant - Residential Leases - Purchase Options

State:

Multi-State

County:

Santa Clara

Control #:

US-00120

Format:

Instant download

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Description

The Real Property Clause in Will in Santa Clara is designed to address the transfer and management of real estate assets in the context of property ownership upon death. The clause ensures that specific real property is correctly identified and that the decedent's intentions regarding transfer are clearly articulated. Key features include detailed property descriptions, valuation methods, and directives for the handling of properties. Filling out this form requires precise information about the property, including its legal description and any conditions attached to its transfer. Editing instructions emphasize the need for attention to detail to avoid disputes in asset distribution. The clause is crucial for individuals looking to ensure their real estate assets are handled according to their wishes, making it especially relevant for attorneys, partners, and owners in estate planning. Paralegals and legal assistants will find it useful for guiding clients in accurately completing the form while understanding the implications of the clauses in relation to property inheritance. Overall, this form assists in providing clarity and legal assurance in the estate planning process.

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FAQ

The order of priority is any surviving spouse or domestic partner, then a child, then a grandchild, then a parent, and then a sibling.

Joint tenancy is a way for two or more people to own property in equal shares so that when one of the joint tenants dies, the property can pass to the surviving joint tenant(s) without having to go through probate court.

With joint tenancy the right of survivorship is implied, so if one joint tenant dies, the other joint tenant or tenants automatically become the owners of the deceased tenant's interest in the property without the property having to pass through probate.

Affidavit Re: Real Property of Small Value (DE-305) Make a sworn statement to the court that the value of all real property in California in a deceased person's estate is $55,425 or less.

You can transfer property without opening probate if the estate is valued under a set amount. That amount changes every few years and is based on the year the person passed away. You can find the latest limits in Maximum Values for Small Estate Set-Aside & Disposition of Estate Without Administration (form DE-300).

Allows for the transfer of real estate and personal property to the heirs by filing a Petition to Determine Succession to Real Property so long as all the assets owned by the decedent are worth less than $184,500. There is one court hearing required for this procedure.

How do I file a Spousal Property petition? Fill out and file form DE-221 explaining why the property belongs or should legally pass to the surviving spouse and describing the property. Attach a copy of the decedent's Will (if there is a Will).

A petition for partition occurs when two or more property owners cannot agree on what to do with it. For instance, one owner may want to sell, and the other wants to rent. If the parties cannot reach an agreement, filing a petition for partition becomes an option to compel the sale of the property.