If I'm transferring a joint owned property into an irrevocable trust, do I use a warranty deed or a bargain & sale deed?

Asked by Bobbipuppi, Roslyn Heights, NY Tue Dec 11, 2012

The property is owned by husband & wife & is being transferred into a family irrevocable trust with husband the grantor & children the grandees ( trustees).

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3
Gail Gladsto…, Agent, 11743, NY
Wed Dec 12, 2012
Bobbi, what you use is an attorney. Call one for advice. If you don't have an estate attorney, (this is probably just a free phone call), call Desiree Fusco at 516-741-8585 or email DLFusco@bif-law.com.

She will be happy to provide the information.

gail@GladstoneGroupRealty.com
631-425-6150
0 votes
Katie Noble, Agent, Midway, UT
Tue Dec 11, 2012
You use a lawyer! I was a real estate lawyer for 18 years (still am, I guess you never stop being a lawyer) and am now an agent. I'm not a New York lawyer so make sure you consult one, but typically you do not use a Warranty Deed but you use the lesser type of deed that is used in your state. In Utah, for example, we use a Quitclaim Deed for this type of transfer.
One thing to be particularly aware of is that you may need an Endorsement to your Title Policy to cover the trust. In many, if not all, states, title companies will say that this type of transfer without such an Endorsement will void your Title Policy because you have changed the name of the insured. If you ever have a title claim and you forgot to get the endorsement, it will cost you a lot.
In other words, spend the short money to get a lawyer. It will save you in the long run.
Best of luck!

Katie Noble, Esq.
Prudential Utah Real Estate
2200 Park Ave.
Park City, UT 84060
http://www.luxuryparkcityhomes.com
0 votes
Anna M Brocco, Agent, Williston Park, NY
Tue Dec 11, 2012
For accurate information consult with an attorney; don't simply rely on online information....
0 votes
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