Jump to content

Recommended Posts

Posted

As durable power of attorney, my wife is selling her mom’s house. It is under contract with closing scheduled for late July. The kicker is her mom just passed away. There is a transfer on death deed that will transfer the property to my wife.

 

My question is, can she proceed with the sale as the POA or do we have to execute the TOD deed prior to sale?

Posted

As durable power of attorney, my wife is selling her mom’s house. It is under contract with closing scheduled for late July. The kicker is her mom just passed away. There is a transfer on death deed that will transfer the property to my wife.
 
My question is, can she proceed with the sale as the POA or do we have to execute the TOD deed prior to sale?
The TOD deed is automatic assuming it was properly acknowledged and hopefully filed. What do you mean by execute to TOD ?

The seller has also changed here, may make a difference to the title company.
Posted
The TOD deed is automatic assuming it was properly acknowledged and hopefully filed. What do you mean by execute to TOD ?

The seller has also changed here, may make a difference to the title company.

It was filed with the county clerk. By execute, I just mean that I have to provide a death certificate for the transfer to happen. The title company is in the loop.
Posted

It was filed with the county clerk. By execute, I just mean that I have to provide a death certificate for the transfer to happen. The title company is in the loop.
Then it's really a case of what the title company wants.

A Trust really shines in this situation.
  • Hook 'Em 1
Posted
Then it's really a case of what the title company wants.

A Trust really shines in this situation.

Agreed.

Unluckily, there’s just the house, a bank account, a pension, and a 401K for assets. Luckily, there’s no debt at all. The funeral home said a week for the death certificate so closing shouldn’t be delayed at all. My wife was already a co-owner on the bank account. The 401K and any pension payout will be rolled into an inherited IRA for my wife. The timing works for our retirement in 6 years so that we could not draw our own retirement and just takes the required payout from the inherited IRA to minimize taxes that year.

The title company already sent updated documents for my wife to sign. I emailed at 9pm and it arrived at 7am. They must really want to get paid.
  • Hook 'Em 1
Posted
34 minutes ago, CooterBrown said:


Agreed.

Unluckily, there’s just the house, a bank account, a pension, and a 401K for assets. Luckily, there’s no debt at all. The funeral home said a week for the death certificate so closing shouldn’t be delayed at all. My wife was already a co-owner on the bank account. The 401K and any pension payout will be rolled into an inherited IRA for my wife. The timing works for our retirement in 6 years so that we could not draw our own retirement and just takes the required payout from the inherited IRA to minimize taxes that year.

The title company already sent updated documents for my wife to sign. I emailed at 9pm and it arrived at 7am. They must really want to get paid.

Such is the way of the world. 

Posted
1 minute ago, Gil Bang said:

as others have said, whatever the title officer says is what matters.  That always seems to be the case in this sort of thing. 

And some of them are cool and about 20% make you jump through hoops.

  • Hook 'Em 1

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.



×
×
  • Create New...