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Legal Documents - PowerPoint PPT Presentation

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Legal Documents
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  1. Legal Documents

  2. Process • Buyer and seller come to an agreement; price, terms, etc. • Seller arranges abstract of the title; buyer gets title opinion • Seller fills out a deed and has it notarized • Seller needs a Declaration of value and a groundwater hazard • To the recorder • Copy of recorded document back to the auditor for taxes

  3. For Inheritance • 1. Through probate; will filed and deed or change of title recorded; exempt from DOV and transfer tax • 2. Affidavit of surviving spouse/joint tenant; even though there is an automatic transfer law require affidavit for taxes • 3. Life estate; affidavit required to terminate estate

  4. Other considerations • Title search • Does the seller have a saleable interest • Kinds of restrictions; real covenant (promise to do or not to do something), easements, etc. • Liens • Title insurance