A Maine General Warranty Deed (To Joint Tenants with Right of Survivorship) is a legally binding document used to transfer real property ownership from one party to another in the state of Maine. This type of deed provides a level of protection to the buyer, known as the grantee, by guaranteeing that the seller, known as the granter, holds clear title to the property and has the right to transfer it. When a property is transferred using a General Warranty Deed (To Joint Tenants with Right of Survivorship), the grantee(s) become joint tenants with equal rights and interests in the property. This means that all parties named on the deed will have an undivided share in the property, and in the event of a joint tenant's death, their share automatically passes to the surviving joint tenants. This right of survivorship ensures that the property does not go through probate and avoids the need for a separate legal process to transfer ownership. Maine's law recognizes three types of joint tenancy: joint tenancy, tenancy in common, and tenancy by the entirety. However, it is important to note that Maine does not automatically assume joint tenancy with right of survivorship unless specifically stated in the deed. Therefore, it is crucial for individuals looking to establish joint tenancy with right of survivorship to use the correct wording in their deed. In addition to providing joint tenancy with right of survivorship, a Maine General Warranty Deed also comes with a warranty of title. The granter guarantees that they are the rightful owner of the property, have full authority to sell it, and that the property is free from any outstanding liens, encumbrances, or claims. When considering a Maine General Warranty Deed (To Joint Tenants with Right of Survivorship), it is advisable to consult with a qualified real estate attorney or local legal professional to ensure that the deed includes all necessary and accurate details. This will help protect the buyer's interests and provide a clear legal record of ownership transfer.
Maine General Warranty Deed (To Joint Tenants with Right of Survivorship)
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FAQ
Joint Tenancy: Co-owners holding title this way are called "joint tenants." The unique characteristic of joint tenancy is the right of survivorship. When an owner dies, their interest in the property is extinguished. The remaining owners continue in ownership of the property free of the interest of the deceased party.
A special warranty deed guarantees two things: The grantor owns, and can sell, the property; and the property incurred no encumbrances during his ownership. A special warranty deed is more limited than the more common general warranty deed, which covers the entire history of the property.
A joint tenancy creates a right of survivorship, which means that if one party dies, their interest is automatically transferred to the surviving tenant(s). Joint tenancy is different from a tenancy in common, where a deceased tenant's share is passed on to their heirs.
The difference between a joint tenancy and tenancy in common is significant. Under a joint tenancy with rights to survivorship, upon the death of the first owner, it automatically passes to the surviving owner. In a tenancy in common situation, you each own 50% of the property.
If multiple people hold title under tenancy in common, this means that each individual can choose to sell their ownership interests in the property at any time. Unlike with joint tenancy, a tenancy in common agreement allows for multiple owners to own different percentages of the entire property.
The only way to add or remove a name on a deed is to have a new deed recorded. Once a document is recorded, it cannot be altered. In order to protect your legal interests, we strongly suggest that you contact an attorney to have this done for you.
Joint tenants with the right of survivorship are two or more people who own an equal interest in a property. When one person dies their interest passes automatically to the surviving joint tenant(s). In contrast, tenants in common can own unequal shares in a property and have no right of survivorship.
To be able to record the deed, it must be accompanied by a transfer tax form and payment of transfer tax. Transfer tax rate in Maine is ?$2.20 per $500 or fractional part of $500 of the value of the property being transferred.? Further, transfer tax is imposed 50/50 on both the grantor and grantee.
