Deed– A deed is the document used to transfer some type of ownership interest in real estate. There are many different types of deeds, depending on the ownership interest being created. These include but are not limited to warranty, quit-claim, survivorship, transfer of death and life estates. Deeds need to be recorded in the county in which the real estate is located.
Eviction, Landlord/Tenant- An eviction is an action filed in municipal court by a landlord requesting the removal of a tenant from rental property. The landlord is required by law to give the tenant a notice to vacate prior to filing the formal legal proceeding.
Land Contract, Lease, Purchase Contract- A land contract is a contract between a buyer and seller for real estate in which the seller provides the financing to buy the property at an agreed upon price. Generally, the seller retains title to the property while allowing the buyer to take possession. The buyer then makes scheduled payments, with or without interest to the seller until the purchase price is paid in full. An initial down payment from the buyer to the seller is usually required. Land Contracts offer benefits to a buyer who might not otherwise be able to obtain financing. The seller may have more potential buyers by offering the property for sale under land contract, but assumes all the requirements and risks a bank may encounter.
Transfer on Death Designation – This is an “effective upon death deed” showing the clear intent of the owner of real property to directly transfer ownership of the real property upon the owner’s death to whomever the owner designates by name. When properly recorded, a TOD allows the designated transferee to obtain title without going through probate court.
Survivorship Affidavit – An affidavit of survivorship is a sworn statement, made by the survivor of a joint tenancy, that lets the government know that one joint tenant has died and the survivor is taking full ownership of the property by operation of law.
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