[OR] [OR] I need help making sure I filled out my TOD form correctly for my father. Will a lien on the house affect this process?
I am just unsure about the preparer and return-to section. Also, my father says that there is a lien on the house through the student loans he took out to help me get through school. That is the only other thing I can think of. I will be contacting the student loan people soon to see what is still owed.
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If your father is doing a TOD deed then he would be the Grantor and you and your spouse would be the Grantees. If you are helping him prepare the deed then I would list him as the preparer and the return-to section would be where you want the deed returned to after it is recorded—typically it would come to you or your father, whichever address you choose.
And the fact that there is a lien on the house wouldn't affect the deed at all, as you can still do a TOD deed while there is an outstanding loan on a piece of property. When the property transfers to the beneficiaries, if there is still a loan outstanding they just take it subject to that loan.
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I'm not sure if I filled out my TOD form correctly. I am helping my father with it and I just want to make sure everything okay.
Lexi, Chatbot
I understand the importance of getting your Transfer on Death (TOD) form right. Can you confirm if you have included all the necessary beneficiaries in the form?
Beneficiaries would be myself and my husband.
Lexi, Chatbot
Have you double-checked that the assets listed on the TOD form match your father's current assets accurately?
I looked up the legal description on the Washington County Clerk's website.
Lexi, Chatbot
Is there anything else the Lawyer should know before I connect you? Rest assured they'll be able to help with your TOD form.
I am just unsure about the preparer and return-to section. Also, my father says that there is a lien on the house through the student loans he took out to help me get through school. That is the only other thing I can think of. I will be contacting the student loan people soon to see what is still owed.
Barrister
Hello and welcome to the site! My name is Barrister and I am a licensed attorney and I am here to help with your situation.
Barrister
If your father is doing a TOD deed then he would be the Grantor and you and your spouse would be the Grantees. If you are helping him prepare the deed then I would list him as the preparer and the return-to section would be where you want the deed returned to after it is recorded—typically it would come to you or your father, whichever address you choose.
And the fact that there is a lien on the house wouldn't affect the deed at all, as you can still do a TOD deed while there is an outstanding loan on a piece of property. When the property transfers to the beneficiaries, if there is still a loan outstanding they just take it subject to that loan.
Okay, and I don't know exactly what the parcel number is.
The home is paid off, but he took out parent plus loans to help me go through school and I don't believe he has received the actual physical deed as a result.
Barrister
You would get that off the current deed or from the local land records office.
A person receives the deed when they purchase the property because the deed determines who owns the property. So long ago when he bought the property he would have received the deed. If he wants another copy of the deed he can go to the local land records office and they will make a copy of the recorded deed for him.
He only recently paid off the house, in the last few months. He is on hospice, and so leaving the house is incredibly difficult / next to impossible for him.
Barrister
Understood. Any person can go to the local land records office and get a copy of any deed. So you could go get a copy for him if he wanted one.
Is a land records office the same as a clerks office?
Barrister
Correct. Some states record deeds at a land records office, some do it at the county clerk's, some do it at the courthouse. It is wherever deeds are recorded. You didn't mention what state you are in so I am using the generic term “land records office.”
Sorry, I am in Oregon.
Barrister
Ok, in Oregon, deeds and other real property records are recorded with the County Clerk's Office (sometimes called the County Recorder's Office) in the county where the property is located.
Okay, and in the form I filled out the "legal description" section with what info I could find on the County's website. Does that information look sufficient? It's all I could find until I get the deed.
Barrister
You get the legal description off the current deed… so if you don't have that, you will have to go get a copy from the county clerk's office.
Did you have any other questions about this situation I can help with?
I don't think so, I will just have to figure out when to go get that, now that the office is closed, and it's a holiday weekend. It may have to wait until Monday.
Barrister
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