NJ deed question for class d beneficiary (documents, mortgage, mortgage company)
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first off I know I can consult a lawyer about this situation but i was wondering if anybody has already been there done that in the state of NJ. i would like to know what to expect when i enter the courthouse/deed recorders office. I wouldn't mind doing this myself as i already probated and settled the estate without using an attorney.
I inherited a house from my aunt worth about $260,000 it has a $30,000 mortgage. i paid the 15% inheritance tax and have the tax wavier from the state in hand to take the recorder of deeds at the courthouse. I would like to know if i need to come to the courthouse/deed recorded with a new notarized deed in hand to be recorded with myself as the new owner on record or will the courthouse remove the decedent and add my name to the existing deed? i have the probated will, the death certificate, and the tax waiver in hand. i am also the executor and sole beneficiary of the home/estate too. the mortgage company is willing to let me assume the mortgage as i have been paying it and the property taxes since the date of death. do i need a letter from the mortgage company stating they will let me assume the mortgage? will i have to pay a realty transfer fee to put it in my name?
In the end, I want to refinance the house and take cash out to pay off my florida house and just have one mortgage. i will use about 70% of the equity in the house so i don't have PMI my credit is great so the refinance will not be a problem i was told bt the bank my name needs to be on the deed to do the refinancing loan any help or suggestions besides to contact a local attorney would be much appreciated. also this home is in cape may county NJ if that has a bearing on the process
Property is transferred by means of a deed. When the owner dies, it's the estate that owns the property (technically still the original owner). To transfer the property via deed, the authorized entity/person is the representative of the estate of the owner, to wit the executor/administrator. So, the person giving the property to the inheritor is the representative of the estate. You can use a standardized warranty deed form or quitclaim deed - available from many office supply stores or find them on line.
You can also look it up online how to word the grantor but in any event, you will need to sign as grantor with your official title, and not simply as yourself.
The recorder of deeds does not care who pays the mortgage and nothing needs to be recorded.
Keep in mind that just because the office of land records/recorder of deeds office is located in the courthouse, the only thing that concerns the clerk is the legality of documents: 1. signed/notarized/jurat; 2. payment of transfer taxes (not just the inheritance taxes); and 3. payment of recording fees.
While you can follow the procedures to do this all yourself, you might want the advice of an attorney to determine whether to use a quitclaim or warranty deed and to make sure you have the correct verbiage in doing so. As to all the issues that could arise from not using the correct deed, that's for a lawyer to discuss with you. BTW, a real estate lawyer's advice will not cost you an arm and a leg but just might prevent you from losing one or the other.
The above is not legal advice but information which can be found by researching transfer of real property title in an estate.
Property is transferred by means of a deed. When the owner dies, it's the estate that owns the property (technically still the original owner). To transfer the property via deed, the authorized entity/person is the representative of the estate of the owner, to wit the executor/administrator. So, the person giving the property to the inheritor is the representative of the estate. You can use a standardized warranty deed form or quitclaim deed - available from many office supply stores or find them on line.
You can also look it up online how to word the grantor but in any event, you will need to sign as grantor with your official title, and not simply as yourself.
The recorder of deeds does not care who pays the mortgage and nothing needs to be recorded.
Keep in mind that just because the office of land records/recorder of deeds office is located in the courthouse, the only thing that concerns the clerk is the legality of documents: 1. signed/notarized/jurat; 2. payment of transfer taxes (not just the inheritance taxes); and 3. payment of recording fees.
While you can follow the procedures to do this all yourself, you might want the advice of an attorney to determine whether to use a quitclaim or warranty deed and to make sure you have the correct verbiage in doing so. As to all the issues that could arise from not using the correct deed, that's for a lawyer to discuss with you. BTW, a real estate lawyer's advice will not cost you an arm and a leg but just might prevent you from losing one or the other.
The above is not legal advice but information which can be found by researching transfer of real property title in an estate.
Thanks for the really helpful information!!!
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