![]() ![]() It is not uncommon for more than one owner to own the same parcel of real estate. What are the ways that multiple owners can hold title to Michigan real estate? Lady bird deeds and deeds to living trusts can achieve similar objectives. Michigan law does not authorize TOD deeds. The life tenant’s enhanced powers include the ability to sell or mortgage the property-or create a new deed leaving it to someone else-without the remainder beneficiary’s consent.Īttorney Practice Note: Transfer-on-death (TOD) deeds name a beneficiary who will automatically take title to the real estate when the owner dies, with no need for probate. Michigan Enhanced Life Estate Deed FormĪ Michigan enhanced life estate deed form (also called a lady bird deed) uses the same structure as a life estate deed, but the life tenant retains broad powers over the property. An owner who creates a traditional life estate deed can transfer or sell complete ownership of the property only if the remainder beneficiary joins in the transfer. Michigan Life Estate Deed FormĪ Michigan life estate deed divides ownership into different time periods by giving one owner (the life tenant) a lifetime ownership interest in the property and transferring to another person (the remainder beneficiary) the right to own the property when the life tenant dies. Michigan recognizes two types of estate-planning deeds that are defined by their probate avoidance features, not by their warranties. What types of estate planning deeds are used in Michigan? We’ll go over the options that are available in Michigan and provide guidance on choosing the deed form that matches your goals. Questions about what Michigan deed form is right for you?Ĭlick the link below to use our guided interview. A Michigan covenant deed is the equivalent of what most states call a special warranty deed or a limited warranty deed. 5 The grantor bears the risk of title issues that arose while he or she held title, and the new owner assumes the risk for any other title issues. The grantor guarantees that he or she has done nothing to impair the property’s title but makes no promises about earlier owners. Michigan Covenant Deed FormĪ Michigan covenant deed form transfers property with a partial warranty of title. The transferor agrees to be legally responsible for any title issues and to defend the new owner’s title against any claims made by third parties. ![]() 4 The transferor guarantees that the new owner will receive good title to the property and that there are no liens, assessments, taxes, or other encumbrances that affect the title (unless disclosed in the deed). Michigan Warranty Deed FormĪ Michigan warranty deed form transfers the property to the new owner with a complete warranty of title. 3 The new owner has no legal recourse against the grantor under a quitclaim deed if there ends up being a problem with the property’s title. 2 The new owner receives whatever interest in the property the grantor has (if any), but the grantor makes no promises about the property’s title. Michigan Quitclaim Deed FormĪ Michigan quitclaim deed form transfers property with no warranty of title. A warranty of title is a guarantee the grantor gives to the grantee about the status of the property’s title. The deed forms are named for (and distinguished by) the warranty of title that they do or do not provide. There are three main types of deeds for transferring real estate in Michigan. ![]() Depending on the situation, there may be multiple grantors or multiple grantees within a single deed. 1 A deed allows the current owner ( grantor) to transfer real estate to a new owner (grantee). What types of deeds are used to transfer Michigan real estate?Ī Michigan property owner transfers title to real estate by signing and recording a deed. Just complete a user-friendly interview and get a customized deed that is attorney-designed to meet Michigan recording requirements. Our deed creation software makes it easy. ![]()
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