A. - It is an instrument of conveyance of real estate which allows the owner(s) to convey their property to others, but which is not effective til after death.
The legislature defines it as a "Nontestamentary Transfer of Property" in
Title 58 O.S Section 1252 ehich provides in part:
A. An interest in real estate may be titled in transfer-on-death form by recording a deed, signed by the record owner of the interest, designating a grantee beneficiary or beneficiaries of the interest. The deed shall transfer ownership of the interest upon the death of the owner. A transfer-on-death deed need not be supported by consideration. For purposes of the Nontestamentary Transfer of Property Act, an "interest in real estate" means any estate or interest in, over or under land, including surface, minerals, structures and fixtures.
B. The signature, consent or agreement of or notice to a grantee beneficiary or beneficiaries of a transfer-on-death deed shall not be required for any purpose during the lifetime of the record owner."
It is not really a "deed" as we think of one, nor is it a "will". It's a type of recorded affidavit where the owner(s) states that another person will own the property upon the death of the owner(s).
This may be used only by owners of real Property in the State of Oklahoma of the ownwer(s).
It effects only real property in the State of Oklahoma
It effects only the specific real property in the State of Oklahoma described in the instrument.
It Must be Recorded in the Office of The County Clerk of the County in Oklahoma where the real property is located.
All instruments changing, revoking, or affidavits affecting this instrument must be Recorded in the Office of The County Clerk of the County in Oklahoma where the real property is located
What Does a "Transfer on Death Deed" Do?
A. - It allows the owner of certain described real property to designate the person(s) who will own the property upon the death of the owner(s) - Without the necessity of probate.
Following the death of the owener(s) who signed the Transfer on Death Deed the deaths must be proved by a designated grantee beneficiary shall execute an affidavit affirming:
Verification of the record owner�s death;
Whether the record owner and the designated beneficiary were married at the time of the record owner�s death; and
A legal description of the real estate.
Why a "Transfer on Death Deed" May Be For You
A - Because of what the law provides:
58 O.S. Section 1254
A. A designation of the grantee beneficiary may be revoked at any time prior to the death of the record owner, by executing, acknowledging and recording in the office of the county clerk in the county where the real estate is located an instrument revoking the designation. The signature, consent or agreement of or notice to the grantee beneficiary or beneficiaries to the revocation is not required.
B. A designation of the grantee beneficiary may be changed at any time prior to the death of the record owner, by executing, acknowledging and recording a subsequent transfer-on-death deed in accordance with the Nontestamentary Transfer of Property Act. The signature, consent or agreement of or notice to the grantee beneficiary or beneficiaries is not required. A subsequent transfer-on-death beneficiary designation revokes all prior designations of grantee beneficiary or beneficiaries by the record owner for the interest in real estate.
C. A transfer-on-death deed executed, acknowledged and recorded in accordance with the Nontestamentary Transfer of Property Act may not be revoked by the provisions of a will.
58 O.S. Section 1255
A. Grantee beneficiaries of a transfer-on-death deed take the interest of the record owner in the real estate at the death of the grantor owner, free and clear of any claims or interest under Section 44 of Title 84 of the Oklahoma Statutes as to a person who became the spouse of the grantor subsequent to the execution of the transfer-on-death deed, subject to all recorded conveyances, assignments, contracts, mortgages, liens and security pledges made by the record owner or to which the record owner was subject during the lifetime of the record owner including, but not limited to, any recorded executory contract of sale, option to purchase, lease, license, easement, mortgage, deed of trust or lien, and to any interest conveyed by the record owner that is less than all of the record owner's interest in the property, provided however, a non-consensual lien against the grantee beneficiary shall not attach to the property until the recording of the affidavit described in Section 1252 of this title.
B. If one or more of the grantee beneficiaries dies prior to the death of the grantor owner, the transfer to those beneficiaries who predecease the grantor owner shall lapse. In the event the grantee beneficiaries are designated in the deed to be joint tenants with right of survivorship, the death of one or more of the grantee beneficiaries prior to the death of the grantor owner shall not invalidate an otherwise validly created joint tenancy estate as to those grantee beneficiaries who are living at the time of the death of the grantor owner.
Our Charge for the Preparation of a "Transfer On Death Deed"
Application For Transfer on Death Deed
Send Completed Deed To:
Full Name - First, Middle, Last:
Street address or P.O. Box:
State or Province:
Zip or Postal Code:
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