"The transfer-on-death deed allows a homeowner to transfer title to their property upon their death without a will or without having to endure the probate process."
"When the grantor dies and the deed is recorded, there is no initial real estate transfer fee. However, when the new property owner files the death of grantor affidavit, there will be a real property transfer tax. This can be a large downside especially if the property being transferred is expensive."
I would say a lawyer is needed. Every State is different as is every situation. A lawyer will be able to give you the pros and cons. There maybe a better way to transfer the property.
Talk to an attorney in the state where the property is. Laws related to deeds vary by state.
There are sites like avvo.com where you can ask questions and get answers. As part of your question make sure you include that state where the property is.
Not sure if we’re thinking of the same thing, but my dad did a life estate deed on his home. It allowed him to retain full ownership during his life and upon his death the home was immediately mine. This was done by his attorney in order to avoid probate and went very smoothly
"When the grantor dies and the deed is recorded, there is no initial real estate transfer fee. However, when the new property owner files the death of grantor affidavit, there will be a real property transfer tax. This can be a large downside especially if the property being transferred is expensive."
I would say a lawyer is needed. Every State is different as is every situation. A lawyer will be able to give you the pros and cons. There maybe a better way to transfer the property.
There are sites like avvo.com where you can ask questions and get answers. As part of your question make sure you include that state where the property is.