Inheriting Residential Property: Deed Questions

[Bruce Davis IX]

What is the name of your state (only U.S. law)? New Jersey

I have inherited a majority stake in a residential property in NJ. An out-of-state relative has inherited a minority stake in this same property. The property presently is held in a trust, and the trustee is an attorney who is not related to my family. The trust terms direct the property to be divested to the beneficiaries in corresponding shares at this time. I have a few questions:

1. Which type of deed would be most appropriate in this situation? Fiduciary? Warranty? Quit-Claim? I understand that Quit-Claim affords the least protection.

2. It is my understanding that in NJ, the GRANTEE drafts the deed, presumably leaving this detail to their attorney. Would I be able to personally draft the deed based upon similar deeds executed around this era (2011, 2012, etc.)?

3. If the out-of-state family member wishes to relinquish their minority share in this property to me, same question as in #2.

Thank you for your assistance.

 

[rowz]

seriously? a do it yoursef deed? with another/co-owner?



This [IMHO] is not a do it yourself project.

YOU are going to need an atty and i would suggest to the other party that they get their own as well. The Trust atty. does not represent your interests.

Oh....you may want to get some tax advise as well...again from a qualified TAX professional.

Good luck with it.

 

[HomeGuru]

I agree with rowz.

 

[Bruce Davis IX]

Perhaps I should explain the reasoning behind my question. I have seen quite a few instances where real estate has been transferred, and some of the deeds - drafted by real estate attorneys - have contained errors, omissions, or other such inaccuracies. Then a "Corrective Deed" has to be drafted by the same attorney, refiled, and more charges billed to the client. I want to avoid this in my situation, if at all possible. If an attorney drafts it, I would like to preview the deed before filing. But many attorneys I've dealt with take an "I'll take care of everything and don't worry" attitude.

I'm not being cheap or trying to turn something seriously important into a "Do It Yourself" experiment.

 

[FarmerJ]

The best way then may be going to a attorney who specializes in real estate oriented law.

 

[latigo]

Perhaps I should explain the reasoning behind my question. I have seen quite a few instances where real estate has been transferred, and some of the deeds - drafted by real estate attorneys - have contained errors, omissions, or other such inaccuracies. Then a "Corrective Deed" has to be drafted by the same attorney, refiled, and more charges billed to the client. I want to avoid this in my situation, if at all possible. If an attorney drafts it, I would like to preview the deed before filing. But many attorneys I've dealt with take an "I'll take care of everything and don't worry" attitude.

I'm not being cheap or trying to turn something seriously important into a "Do It Yourself" experiment.

I see!

From your vast experience in studying the work product of various real estate attorneys you have found them having often drawn legal documents containing “ errors, omissions, or other such inaccuracies”.

Thus, having a “major stake” that fell into your lap (hopefully not point first) and lest you suffer such an inconvenience you are going to learn how to out smart them by asking people you don’t know from Adam.

Capital idea!
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Incidentally, deeds are not “filed”. They are recorded. And your verb “divest” means to deprive, strip, unclothe, denude, dismantle, etc.

Furthermore, it is not a common practice for the grantee to draft the deed of conveyance. As here where the Trustee/attorney will most likely be preparing and issuing a fiduciary deed. Which will afford no greater “protection” than were it a quitclaim deed, because the Trustee will not be so foolish as to warrant good title.

Hopefully you and the other “stake” holders will not be receiving ownership to the property in undivided shares and thus be exposed to the hazards of an estate in cotenancy! Which should be of much greater concern to you than possible errors and typos in drafting.