There are two basic types of deeds: a warranty deed, which guarantees that the grantor owns title, and the quitclaim deed, which transfers only that interest in the real property which the grantor actually has. The only type of deed that creates "liability by reason of covenants of warranty" as to matters of record is a general warranty deed. A quit claim deed contains no warranties and the grantor does not have liability to the grantee for other recorded claims on the property. The grantee takes the property subject to existing taxes, assessments, liens, encumbrances, covenants, conditions, restrictions, rights of way and easements of record.
Michigan Quitclaim Deed from Trustee and Former Trustee to New Trustees
Category:
State:
Michigan
Control #:
MI-01217BG
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Word;
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FAQ
Yes, trusts can distribute assets to another trust. It’s a common practice that can help with estate planning. Utilizing a Michigan Quitclaim Deed from Trustee and Former Trustee to New Trustees can streamline these distributions, ensuring compliance with all legal frameworks.
Transferring property out of a trust can be simple or nearly impossible, depending on which kind of trust you formed. Typically, you act as the trustee if you form a revocable trust. You retain control of the property you place into it. You can sell it or move it back out of the trust as you see fit.
When you're ready to transfer trust real estate to the beneficiary who is named in the trust document to receive it, you'll need to prepare, sign, and record a deed. That's the document that transfers title to the property from you, the trustee, to the new owner.
In the context of a California mortgage transaction, a trust deed also transfer ownership. Only this time, the title is being placed in the hands of a third-party trustee, who holds the property on behalf of the lender and the homeowner-borrower until the mortgage is paid.
Yes, a quit claim deed supercedes the trust. The only thing that can be done is to file a suit in court challenging the deed as the product of fraud and undue influence. A court action like that will cost thousands of dollars, but might be worth it if the house was owned free and clear.
A quitclaim deed can be used to transfer property from a trust, but a Special Warranty Deed seems to be a more common way to do this.
Transferring property out of a trust can be simple or nearly impossible, depending on which kind of trust you formed. Typically, you act as the trustee if you form a revocable trust. You retain control of the property you place into it. You can sell it or move it back out of the trust as you see fit.
California Property TaxesTransferring real property to yourself as trustee of your own revocable living trust -- or back to yourself -- does not trigger a reassessment for property tax purposes. (Cal. Rev. & Tax Code § 62(d).)
Locate the deed that's in trust. Use the proper deed. Check with your title insurance company and lender. Prepare a new deed. Sign in the presence of a notary. Record the deed in the county clerk's office.