real estate

Mom or Dad Signed a Transfer on Death Deed, How Does This Work?

Start your claim form here.

First Question:  If all the persons signing the Transfer on Deed are now deceased keep reading.  If not Click Here

You have only 9 months after the last signor died to file an acceptance affidavit.  If you don’t complete the affidavit and file it within that time, then the normal probate rules apply.  Luckily, the form is fairly easy to complete and you will need just three things:

Do I pay taxes to make the transfer?

  Oklahoma does not have an Estate or Inheritance Tax. Federal Estate taxes for someone who died in 2018 don’t apply unless the total estate was more than $11 Million.  This does not trigger income tax if you are inheriting from a family member.  There are not filing taxes just a small filing fee.  Real estate does have an annual property tax.

What if there is a lien or mortgage, will I become liable for that?

  An existing lien or mortgage will continue on the property but you will not become personally responsible for it.  If you sell the property the lien holder will get paid from the proceeds.  You can also pay off the lien.

 

Things you need to claim property under a Transfer on Death Deed:

  1. A copy of the Transfer on Death Deed.  You do not have to have the original because you only need it to obtain the following information:

    1. The date it was signed;

    2. The date it was filed with the county clerk;

    3. The Book and Page number that the county clerk assigned to it; and

    4. The legal description of the property.

  2.  certified copy of the Death Certificate.  State of Oklahoma Death Certificate request.

  3. An Affidavit of Grantee Beneficiary Obtain form Here   Price $149

  4. A check to County Clerk for Filing.  (usually $17-$21)

 

After the Affidavit of Grantee Beneficiary is completed it must be filed in the county where the property is located with a certified copy of the death certificate.

 

Adair County County Clerk Cathy Harrison (918) 696-7198 — Search

Alfalfa County County Clerk Laneta Unruh (580) 596-3158 — Search
Atoka County County Clerk Christie Henry (580) 889-5157 — Search
Beaver County County Clerk Lisa Bennett (580) 625-3141 — Search
Beckham County County Clerk Leasa Hartman (580) 928-3383 — Search
Blaine County County Clerk Jennifer Haigler (580) 623-5890 — Search
Bryan County County Clerk Tammy Reynolds (580) 924-2202 — Search
Caddo County — (405) 247 – 6609
Canadian County– Search
Carter County County Clerk Kayelyn Clubb (580)223-8162 — Search
Cherokee County County Clerk Cheryl Trammel (918) 456-3171 — Search
Choctaw County County Clerk Emily VanWorth (580) 326-3778 — Search
Cimarron County County Clerk Gina Richardson (580) 544-2251 — Search
Cleveland County Clerk — Search
Coal County County Clerk Eugina Loudermilk (580) 927-4015 — Search
Coal County County Clerk Eugina Loudermilk (580) 927-4015 — Search
Comanche County County Clerk Carrie Tubbs (580) 355-5214 — Search
Craig County County Clerk Tammy Malone (918) 256-2507 — Search
Creek County– Search
Custer County County Clerk Melissa Parker (580) 323-1221 — Search
Delaware County County Clerk Barbara Barnes (918) 253-4520 — Search
Dewey County County Clerk Misty Moore (580) 328-5361 — Search
Ellis County County Clerk Lynn Smith (580) 885-7301 — Search
Delaware County County Clerk Barbara Barnes (918) 253-4520 — Search
Dewey County County Clerk Misty Moore (580) 328-5361 — Search
Ellis County County Clerk Lynn Smith (580) 885-7301 — Search
Garfield County–(580) 237-0225 or 237-0226
Garvin County County Clerk Lori Fulks (405) 238-2772 — Search
Garvin County County Clerk Lori Fulks (405) 238-2772 — Search
Grady County  (405) 224-7388 Search  
Grant County County Clerk Cindy Pratt (580) 395-2274 — Search
Greer County County Clerk Leanne Coffman (580) 782-3664 — Search
Harmon County County Clerk Kara Gollihare (580) 688-3658 — Search
Harper County County Clerk Karen Hickman (580) 735-2012 — Search
Haskell County County Clerk Karen McClary (918) 967-2884 — Search
Hughes County County Clerk Carolyn Preble (405) 379-5487 — Search
Jackson County County Clerk Robin Booker (580) 482-4070 — Search
Jefferson County County Clerk Traci Smith (580) 228-2029 — Search
Johnston County County Clerk Kathy Ross (580) 371-3184 — Search
Kay County County Clerk Tammy Reese (580) 362-2537 — Search
Kingfisher County County Clerk Jeannie Boevers (405) 375-3887 — Search
Kiowa County County Clerk Nikki Dodd (580) 726-5286 — Search
Latimer County County Clerk Erin Adams (918) 465-4002 — Search
LeFlore County County Clerk Kelli Ford (918) 647-5738 — Search
Lincoln County County Clerk Alicia Wagnon (405) 258-1264 — Search
Logan County County Clerk Troy Cole (405) 282-0266 — Search
Love County County Clerk Shelly Russell (580) 276-3059 — Search
Major County County Clerk Kathy McClure (580) 227-4732 — Search
Marshall County County Clerk Ann Hartin (580) 795-3220 — Search
Mayes County County Clerk Brittany True-Howard (918) 825-2426 — Search
McClain County County Clerk Pam Beller (405) 527-3360 — Search
McCurtain County County Clerk Karen Bryan (580) 286-2370 — Search
McIntosh County County Clerk Ronda Prince (918) 689-2741 — Search
Murray County County Clerk Jill Hall (580) 622-3920 — Search
Muskogee County County Clerk Dianna Cope (918) 682-7781 — Search
Noble County County Clerk Sandra Richardson (580) 336-2141 — Search
Nowata County County Clerk Chris Freeman (918) 273-2480 — Search
Okfuskee County County Clerk Dianne Flanders (918) 623-1724 — Search
Oklahoma County —Search
Okmulgee County County Clerk Becky Thomas (918) 756-0788 — Search
Osage County County Clerk Shelia Bellamy (918) 287-3136 — Search
Ottawa County County Clerk Robyn Mitchell (918) 542-3332 — Search
Pawnee County County Clerk Kristie Moles (918) 762-2732 — Search
Pawnee County County Clerk Kristie Moles (918) 762-2732 — Search
Payne County —Search
Pittsburg County County Clerk Hope Trammell (918) 423-6865 — Search
Pontotoc County County Clerk Tammy Brown (580) 332-1425 — Search
Pottawatomie County– Search
Pushmataha County County Clerk Jane Dunlap (580) 298-3626 — Search
Roger Mills County County Clerk Jimmy Beavin (580) 497-3395 — Search
Rogers County County Clerk Jeanne M. Heidlage (918) 923-4796 — Search
Seminole County County Clerk Tahasha Wilcots (405) 257-2501 — Search
Sequoyah County County Clerk Julie Haywood (918) 775-4516 — Search
Stephens County County Clerk Jenny Moore (580) 255-0977 — Search
Texas County County Clerk Wendy Johnson (580) 338-3233 — Search
Tillman County County Clerk Cacy Caldwell (580) 335-3421 — Search
Wagoner County —Search
Washington County County Clerk Marjorie Parrish (918) 337-2840 — Search
3
Washita County County Clerk Kristen Dowell (580) 832-3548 — Search
Woods County–(580) 327-0942
Woodward County County Clerk Wendy Dunlap (580) 256-3625 — Search

 

 

 

 

 

private mortgage

Helping the Kids Responsibly with Private Mortgages

Often a family member or child may need financial help.  This may involve the purchase or renovation of a home or some other need.  The person willing to may wish to help out but also wants to be repaid.  A solution may be a Private Mortgage.  This is where the parent loans the funds in a formal promissory note and uses a mortgage to secure payment.  This arrangement can have the following benefits:

  • Lower financing cost for the children compared to a commercial note & mortgage
  • Higher rate of return for the parents compared to certificate of deposit
  • Security for the parents in the event of default
  • The son or daughter can avoid many of the costs of a commercial loan & mortgage, including:
    • Origination fees
    • Inspections
    • Title insurance
    • Closing costs
  • A child with credit issues or unverifiable income may not qualify for a conventional loan
  • A Private Mortgage can protect the lender’s security from subsequent creditors’ liens
  • Parents can integrate the loan with their estate plan with debt forgiveness as part of the kid’s inheritance
  • If structured properly, the loan will not incur gift taxes
  • Flexibility, the note can provide for:
    • Interest only payments
    • Quarterly payments
    • Balloon payments
    • Payment upon the occurrence of a certain event

What you will need:

Promissory Note or Line of Credit Note

Mortgage Agreement

One Time Mortgage Tax to County Treasurer (sliding scale from 0.02% to 0.1% of the principal)

One Time Mortgage Certification to County Treasurer Fee $5.00

One Time County Clerk Recording Fee ($13 for 1st page and $2 for each additional page)

(A  $30,000 mortgage would cost about $55 in filing, certification and mortgage taxes.)

Expect about $500-700 for attorney’s preparation and review of documents.

Disadvantages:

Creation of a lender/borrower agreement may strain family relationships.

Foreclosure, if needed, can be expensive and damage family relationships

You must file IRS form 1098 and send a copy to the payer by January 31st of each year.

You must claim interest received as income.

wp_footer()
show
%d bloggers like this: