rss

Wawayanda Current News

Latest news and updates from the Town of Wawayanda.

New York State adopted the Transfer on Death Deed

New York State adopted the Transfer on Death Deed Law on April 20, 2024, and it went into effect on July 19, 2024.
NYS has introduced Section 424 of the  New York State Real Property Law.

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

    The process may vary by state, but you can generally expect to:
    • Look up the requirements for the state where the property is located 
    • Get the state-specific deed form 
    • Decide on a beneficiary 
    • Describe the property 
    • Sign the deed 
    • Record the deed at the Land Records office in the county where the property is located
 


Comments are closed.