Vermont Conveyance of Deed to Lender in Lieu of Foreclosure
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FAQ
A Vermont enhanced life estate deed (aka ?lady bird deed?) allows a real estate owner to name a grantee who will inherit their property after their passing. This type of deed transfers the grantor's interest in the property without any probate administration, in contrast to naming a beneficiary in a will.
A marketable title is one that may be freely made the subject of resale. Krulee v. Huyck & Sons, 121 VT 304 (1959) A marketable title is one that allows an owner to hold the land free from the probable claim of another.
Vermont is a pure ?notice? state, not a ?race-notice? state, because a claimant does not have to record to perfect a claim, nor win a race to the land records in addition to giving notice nor even record at all, to have good title.
Life Estate Deeds Override Wills: It has the ability to supersede a will. This means that the property named in the life estate deed will pass directly to the named beneficiary (or "remainderman") upon the life tenant's death, irrespective of any different provisions in the life tenant's will.
Title to real estate of an intestate passes immediately to the intestate's heirs upon death, subject to the lien of the administrator for the payment of debts, expenses of administration., and other expenses legally chargeable against the estate.
Quitclaim Deed: A Quitclaim Deed transfers ownership from one person to another without any warranties or guarantees.
Redemption Period In most cases, it is about six months. If the property being foreclosed is not your primary residence, the court may give you less than six months. To redeem your property, you can pay the full amount that you owe the bank and avoid a foreclosure sale.
Understanding Transfer on Death This applies to assets such as bank accounts, brokerage accounts, and securities. However, Vermont law does not currently allow real estate to be transferred via TOD deeds.