When an easement is terminated, the burdened property is no longer affected. When the party benefiting from the easement and the party subject to it agree to a release, the next step is to record a deed making the change official.
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Like many western states, Arizona allows legally married couples to own real estate as community property, with or without rights of survivorship. The rules and definitions are set forth at Section 33-431 of the Arizona Revised Statutes. Under this form of ownership, both spouses hold undivided shares of the whole, and when one spouse dies, the survivor gains ownership of the whole property without the need for probate, and both halves receive a new tax basis equal to the fair market value as of the date of death. Otherwise, when one spouse dies, the community property is divided equally, with half going to the surviving spouse and half distributed as directed by the deceased spouse’s will. In case of divorce or annulment, the judge often determines equitable distribution of community property.
Continue reading “Community Property with Right of Survivorship in Arizona”A Contract for Deed vs. Traditional Mortgage
Inability to get financing for a home does not always mean that someone does not have the financial means to pay for the home. This is also a way of extending credit to those who might not otherwise qualify for a loan. In fact, various housing advocacy organizations have used this as a way to help low-to-moderate income families achieve homeownership. In a contract for deed, there are no origination fees, application costs, or high closing costs. Rather than having third-party lenders financing the purchase of a home, the seller finances the purchase in a contract for deed.
Continue reading “A Contract for Deed vs. Traditional Mortgage”Illinois Transfer on Death Instrument for Real Estate
On January 1, 2012, the Illinois Residential Real Property Transfer on Death Instrument Act (755 ILCS 27) went into effect. With it, owners of residential real property in Illinois have a new choice for non-probate asset allocation—the transfer on death instrument (TODI).
Continue reading “Illinois Transfer on Death Instrument for Real Estate”Understanding the Utah Water Rights Addendum
A person submitting a deed for recordation to a county recorder’s office in Utah is required to also submit an attached Water Rights Addendum, as of July 1, 2011. This becomes part of the deed and is recorded along with it. The form for this is provided by the Utah Division of Water Rights (which is often referred to as the State Engineer’s Office). Deeds and other instruments affecting the title to water rights should be recorded with the county recorder in the county where the water is diverted. In the case of the water being used in a different county, the deed and attached addendum should also be recorded in that county.
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