Tampa Attorney Deeds Planning

deeds tampa attorneyBefore I went into business, I thought I could do things myself and not have to pay exorbitant attorney’s fees. Now I am educated enough to know that lawyers are trained specifically to help you execute your legal documents correctly and as efficiently as possible. As the saying goes by Red Adair, ‘If you think it’s expensive to hire a professional to do the job, wait until you hire an amateur’. Property transfer transactions are complicated affairs which require lengthy documents. During such transfers you need to know which type of Deed will serve and protect you best. Suncoast Elder Law Attorneys in Tampa works with various Deeds for instance to make certain assurances to the grantee that the title to the property is free of encumbrances, such as liens, up to a specific point in the history of the property’s ownership.

However, other types of deeds are sometimes used depending upon the scenario. The fee you pay a professional is far cheaper than doing it yourself and getting hit with unexpected tax, inheritance consequences, and larger fees in the long run if you try to take a ‘short cut’.

Common types of Deeds

There are several different types of property deeds used to convey real property, depending on what rights are being transferred and who is transferring the rights. The most common types of deeds include:  

Quitclaim Deed – transfer of property

A quitclaim deed is a legal instrument which is used to transfer interest in real property from one party known as a Grantor to another party known as Grantee. It is often mistakenly referred to as a ‘quick claim’ deed. A quitclaim deed relieves the Grantor of any liability regarding the ownership of the property. Subsequently, the Grantor of a quitclaim deed is not liable to Grantee, if another party’s claim to the property is later discovered. In Tampa, a quitclaim deed does not guarantee that the Grantor has clear title to the property. It’s simply a relinquishment of any rights a Grantor may have in a property.

A Quitclaim deed is a document used by the owner of real property to transfer or convey the right, title, and interest to the property. A deed can transfer ownership to part of an interest, and must be in writing.  The person transferring the property is called the “grantor” and the person receiving it is called the “grantee.” The amount of money given in exchange for the property is called the “consideration.”

The grantor must be of sound mind and be over 18 years of age; otherwise, the court can later void the transaction or determine that it was invalid.  

Deed with Full Covenants – also called a General Warranty Deed; it provides the most protection for the grantee because the grantor is promising that:  

  • he or she is the owner of the property and has the right to sell it;  
  • the property is free from any liens or encumbrances unless specifically identified in the deed;  
  • the grantee’s title is good against anyone who challenges it; and  
  • the grantor will be liable if title is not good.

Bargain and Sale Deed with Covenant – also called a Limited Warranty Deed; it offers the second most protection to the grantee. The grantor promises he or she has title to the property and has done nothing to encumber the property while he or she owned it.   

Bargain and Sale Deed – offers no covenants and very little protection for the grantee. It contains no promises or warranties by the grantor. The grantor implies that he or she has title to the property, but if it turns out the grantor does not have good title, the grantee cannot sue the grantor.   

Executor’s or Administrator’s Deed – offers the same protection as a Bargain and Sale Deed with Covenants, and is used to transfer property in a deceased person’s estate to their heirs. In Tampa, the executor’s deed is used when the decedent died with a Will, and the administrator’s deed is used when the decedent died without a Will.

Fiduciary Deed: A fiduciary deed is a deed used to transfer property when the grantor is a fiduciary (a legal or ethical relationship of trust) such as a trustee, guardian, conservator, or executor acting in his official capacity. A fiduciary deed usually only warranties that the fiduciary is acting in his appointed capacity and within his allotted authority.

Grant Deed: A grant deed transfers to the grantee all or part of the legal rights the grantor has in the parcel of real property. The grantor deed Tampa implies certain warranties; that the property has not been transferred to someone else and that the property is free from any liens placed on the property by the grantor and must be signed in front of a Notary.

Trust Deed: A trust deed or deed of trust is a written instrument which transfers property to a trustee to secure an obligation such as a promissory note or a mortgage lien. The trustee has the power to sell the real property in the case of a default on the obligation.

Lady Bird Deed: If you’re shopping around for a better way to escape Probate a lady bird deed, also called an enhanced life estate deed may be just what you need. A lady bird deed in Tampa is special form of estate deed where once the owner dies, the property is transferred automatically to new owners without the need for probate.

A lady bird deed works by dividing ownership of real estate into different time periods. The person who creates the deed transfers property to himself for his lifetime creating a life estate in the original owner, called a life tenant. Beneficiaries may be named as well in the deed. Attractive features of a lady bird deed are – retained control during life and automatic transfer at death sans probate. These deeds are only available currently in 5 states: Florida, Texas, Michigan, Vermont and West Virginia.

Suncoast Elder Law Estate planning in Tampa will work with you to discuss your needs and obtain the best results. Contact us today.