Zombie Titles and Foreclosures in Real Estate

The housing bust and foreclosure crisis in America has left many homeowners facing some serious financial and housing issues, but it has also introduced another scary situation for homeowners who have defaulted on their mortgages: Zombie Titles. It might sound playful, but it is a serious situation that brings about hefty legal and financial consequences for delinquent homeowners. Further, vacant property is subject to vandalism and degradation, which can affect an entire neighborhood.

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Correcting a Recorded Real Estate Deed in Alabama with a Correction Deed

In order to correct a prior deed on record, use a correction deed, which must be notarized and recorded at the same county agency as the earlier deed. The Alabama correction deed makes specific reference, by execution and recording date, as well as instrument ID or book/page number, to the earlier deed and rerecords it in its entirety. It states the type of error made and adds the corrected information in the respective section of the instrument. All parties who signed the prior deed must sign the correction deed in the presence of a notary.

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Property Transfers using a Beneficiary Deed in Arizona

The Arizona Beneficiary Deed, governed by Arizona Revised Statutes 33-405, is a useful estate planning tool. It gives owners/grantors of Arizona real estate the ability to initiate, but not complete, the transfer process to a designated beneficiary while retaining absolute control in the property. This means the owner (grantor) may sell, rent, mortgage or otherwise use the property with no penalty for waste or obligation to the named beneficiary. In addition, because the conveyance is not completed until the owner’s death, he/she may change or remove beneficiary designations at will. Because of the potential for change, there is no obligation for the beneficiary/grantee to provide consideration (money or something else of value). A.R.S. 33-405(L) contains the form and requirements for revoking a beneficiary deed.

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Understanding the Indiana Transfer on Death (Ladybird) Deed

Indiana outlines the rules for its transfer on death deed in IC 32-17-14 — the “Transfer on Death Property Act.” The act, which became effective on July 1, 2009, gives owners/grantors of real estate in Indiana the ability to initiate, but not complete, the transfer process to a designated beneficiary while retaining absolute control in the property. This means the owner (grantor) may sell, rent, mortgage or otherwise use the property with no penalty for waste or obligation to the named beneficiary. In addition, because the conveyance does not take effect until the owner’s death, he/she may change or remove, at will, the primary beneficiary, contingent beneficiary, or how multiple beneficiaries will take ownership (joint tenants with rights of survivorship, tenants in common, etc.). IC 32-17-14-16 contains the process for changing or revoking beneficiaries. Because of the potential for change, there is no obligation for the beneficiary/grantee to provide consideration (money or something else of value).

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