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Wawayanda Current News

Latest news and updates from the Town of Wawayanda.

New York State adopted the Transfer on Death Deed

A Transfer on Death Deed (TOD) is a legal document that allows a property owner to designate who will inherit their real estate after they die. TODs are a cost-effective way to pass on property because they bypass probate, the process that wills go through.  NYS has introduced Section 424 of the  New York State Real Property Law.

Here are some things to know about TODs:

  • How it works

    The property owner, also known as the transferor, fills out a TOD form, signs it in front of witnesses, and has a notary public acknowledge the signature. The completed deed is then recorded at the county clerk's office. 

  • Who can be a beneficiary

    A beneficiary can be an individual, an organization, or a charity. If there are multiple beneficiaries, the transferor can indicate how they will take title. 

  • What the owner retains

    The owner retains full control of the property while they're alive. They can sell, mortgage, or revoke the TOD deed at any time. 

  • How to record the deed

    Look up the requirements for recording a deed in Orange County, New York
    • Get the state-specific deed form 
    • Decide on a beneficiary 
    • Describe the property (schedule  A) This can be found on a prior deed
    • Sign the deed - you must have 2 witnesses and sign the deed in front of a Notary Public
    • Record the deed at the Orange County Clerk's Office
 
November 18, 2024 By Heather Shields Community News, Events, General 0 Comment Read More >>
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