REAL ESTATE / ESTATE PLANNING - INTERSPOUSAL TRANSFER DEED - An Interspousal Transfer Deed is a legal document used to transfer real property ownership between spouses, allowing them to change the way they own property, such as from separate to community property or vice versa, without triggering a property tax reassessment.
The primary purpose of an interspousal transfer deed is to facilitate the transfer of property ownership between spouses, often used to:
- Add a spouse to the title of a property.
- Remove a spouse from the title of a property, particularly in divorce cases.
- Change the character of property from community to separate property, or vice versa.
- To a spouse's trust.
- To a trust for a surviving spouse of a deceased spouse.
- From a trust to the spouse of the settlor of the trust.
- From joint tenancy to community property
- From joint tenancy to tenancy in common
- From one spouse to both spouses
- From one spouse to the other spouse
- From both spouses to one spouse
- To relinquish any community interest and to vest said property in the name of the grantee as his/her sole and separate property
Benefits:
- Avoids Property Tax Reassessment: One of the main advantages of using an interspousal transfer deed is that it can help avoid a property tax reassessment, which can lead to higher property taxes.
- Simplifies Property Division: It can simplify the process of dividing property during a divorce or separation.
How it differs from a Quitclaim Deed:
While both Interspousal Transfer Deeds and Quitclaim Deeds are used to transfer property, an Interspousal Transfer Deed is specifically designed for transfers between spouses, and it often allows for the transfer of the entire interest in the property, unlike a Quitclaim Deed, which may only transfer a limited interest.
Does not include any State or Federal Court Fees or any Third-Party Costs such as County Recorder or E-Filing Fees.
REAL ESTATE / ESTATE PLANNING - INTERSPOUSAL TRANSFER DEED (Nationwide)
REAL ESTATE / ESTATE PLANNING - INTERSPOUSAL TRANSFER DEED - An Interspousal Transfer Deed is a legal document used to transfer real property ownership between spouses, allowing them to change the way they own property, such as from separate to community property or vice versa, without triggering a property tax reassessment.
The primary purpose of an interspousal transfer deed is to facilitate the transfer of property ownership between spouses, often used to:
- Add a spouse to the title of a property.
- Remove a spouse from the title of a property, particularly in divorce cases.
- Change the character of property from community to separate property, or vice versa.
- To a spouse's trust.
- To a trust for a surviving spouse of a deceased spouse.
- From a trust to the spouse of the settlor of the trust.
- From joint tenancy to community property
- From joint tenancy to tenancy in common
- From one spouse to both spouses
- From one spouse to the other spouse
- From both spouses to one spouse
- To relinquish any community interest and to vest said property in the name of the grantee as his/her sole and separate property
Benefits:
- Avoids Property Tax Reassessment: One of the main advantages of using an interspousal transfer deed is that it can help avoid a property tax reassessment, which can lead to higher property taxes.
- Simplifies Property Division: It can simplify the process of dividing property during a divorce or separation.
How it differs from a Quitclaim Deed:
While both Interspousal Transfer Deeds and Quitclaim Deeds are used to transfer property, an Interspousal Transfer Deed is specifically designed for transfers between spouses, and it often allows for the transfer of the entire interest in the property, unlike a Quitclaim Deed, which may only transfer a limited interest.Does not include any State or Federal Court Fees or any Third-Party Costs such as County Recorder or E-Filing Fees.