Disposing of property in Florida can easily be effectuated through a simple legal document -- a deed. While making the conveyance itself is simple, there are a few considerations that must be taken into account before you give the property to another person. Before attempting to give property to another person you should make sure that your property is unencumbered and that any deed you have prepared comports with Florida state law and county statutes.
Preparation and Disposition
Confirm that you are the owner of the property. Consult your deed and other title records to ensure that you are able to convey the property to someone else without restrictions. Your deed should, at least, list you as a grantee. If your deed lists you and another person as grantees then you may be in a joint tenancy. If you are in a joint tenancy then you may not be able to give the property away without the permission of the other property owners.
Determine whether or not there is a mortgage on your property. If you have previously encumbered your property with a mortgage then you may not want to give your property away until you have paid off any debts owed on the property. Failure to pay off a mortgage debt before giving away your property could trigger an acceleration clause found in many promissory notes. Triggering the acceleration clause could require you to immediately pay off the remaining balance of your mortgage.
Have a Florida-licensed attorney prepare a deed to convey your property to another person. The deed should list you and any other owners as grantors and the person you're conveying to as grantee. A deed must also sufficiently describe the property's location and comport with any additional local requirements. Local requirements vary from county to county so having an attorney that is familiar with the particular deed requirements of your county prepare your deed may save you time and frustration.
Execute the deed. All jurisdictions require a grantor to sign her deed in order for it to be valid. Some jurisdictions also require witnesses to be present for the grantor's signature and for a notary to seal the document.
Verify that the deed has been recorded. If the deed has been properly recorded then it will be entered into the county's grantor-grantee index. The grantor-grantee index is a formal record of property conveyances made in the county and having your conveyance in the index provides notice to the public that the property no longer belongs to you.
Warnings
Gifting property to another person may trigger federal or Florida gift tax liability. Consider consulting a qualified tax attorney to determine whether or not your gift of property may trigger a gift tax liability.
References
- Legal Information Institute: Joint Tenancy
- Legal Information Institute: Acceleration Clause
- Broward County: Deeds
- Stephens County, GA: Warranty and Quitclaim Deeds
- Legal Information Institute: Grantor-Grantee Index
- Superior Court of California, County of Alameda. "What Are the Advantages of a Living Trust?" Accessed May 15, 2020.
- AARP. "Transfer on Death Deed (TODD)," Page 1. Accessed May 15, 2020.
- Alaska Court System. "Transfer on Death Deed - What Does the Transfer on Death (TOD) Deed Do?" Accessed May 15, 2020.
- Alaska Court System. "Transfer on Death Deed - Do I Have to File the TOD Deed in Court?" Accessed May 15, 2020.
- Alaska Court System. "Transfer on Death Deed - How Do I Revoke the TOD Deed After It Is Recorded?" Accessed May 15, 2020.
- Internal Revenue Service. "Estate and Gift Taxes." Accessed May 15, 2020.
- FindLaw. "Transfer on Death Tax Implications." Accessed May 15, 2020.
- Alaska Court System. "Transfer on Death Deed." Accessed May 15, 2020.
- Arizona State Legislature. "33-405. Beneficiary Deeds; Recording; Definitions." Accessed May 15, 2020.
- FindLaw. "Arkansas Code Title 18. Property § 18-12-608. Beneficiary Deeds--Terms--Recording Required." Accessed May 15, 2020.
- Sacramento County Public Law Library & Civil Self Help Center. "Transfer on Death (TOD) Deeds," Page 1. Accessed May 15, 2020.
- Colorado General Assembly. "Probate, Trusts, and Fiduciaries," Pages 1-2. Accessed May 15, 2020.
- District of Colombia, Office of Tax and Revenue. "Revocable Transfer-on-Death Deed," Pages 1-3. Accessed May 15, 2020.
- Hawaii State Legislature. "Uniform Real Property Transfer on Death Act." Accessed May 15, 2020.
- Illinois General Assembly. "(755 ILCS 27/) Illinois Residential Real Property Transfer on Death Instrument Act." Accessed May 15, 2020.
- FindLaw. "Indiana Code Title 32. Property § 32-17-14-11." Accessed May 15, 2020.
- Kansas Legislative Sessions. "Article 35 - Transfer-on-Death." Accessed May 15, 2020.
- Minnesota Legislature, Office of the Revisor of Statutes. "507.071 Transfer on Death Deeds." Accessed May 15, 2020.
- Missouri Revisor of Statutes. "461.025. Deeds Effective on Death of Owner — Recording, Effect." Accessed May 15, 2020.
- Montana Code Annotated 2019. "72-6-415. Optional Form of Transfer on Death Deed." Accessed May 15, 2020.
- Nebraska Legislature. "Nebraska Revised Statute 76-3402." Accessed May 15, 2020.
- Nevada Legislature. "NRS 111.771 Property Held in Beneficiary Form; Registration in Beneficiary Form; Transfer-on-Death Directions." Accessed May 15, 2020.
- State Bar of New Mexico. "Transfer on Death Deed," Pages 1-2. Accessed May 15, 2020.
- North Dakota Legislative Branch. "Chapter 30.1-32.1 Uniform Real Property Transfer on Death Act," Pages 1-3. Accessed May 15, 2020.
- Ohio Laws and Rules. "5302.23 Designating Transfer on Death Beneficiary." Accessed May 15, 2020.
- Oklahoma Tax Commission. "'Non-Testamentary Transfer–on-Death-Deed’. Title 58, §1251-§1258. Eff. Nov. 1, 2008," Pages 1-7. Accessed May 15, 2020.
- Oregon State Legislature. "Uniform Real Property Transfer on Death Act." Accessed May 15, 2020.
- South Dakota Legislature. "Part 4. Uniform Real Property Transfer on Death Act - 29A-6-403." Accessed May 15, 2020.
- Texas Constitution and Statutes. "Texas Real Property Transfer on Death Act." Accessed May 15, 2020.
- Virginia General Assembly. "§ 64.2-635. Optional Form of Transfer on Death Deed." Accessed May 15, 2020.
- Washington State Legislature. "Chapter 64.80 RCW Uniform Real Property Transfer on Death Act." Accessed May 15, 2020.
- West Virginia Legislature. "Chapter 36. Estates and Property." Accessed May 15, 2020.
- Wisconsin State Legislature. "705.15 Nonprobate Transfer of Real Property on Death." Accessed May 15, 2020.
- State of Wyoming Legislature. "HB0201 - Transfer on Death Deed." Accessed May 15, 2020.
- Gibbs Law Office. "Using a Lady Bird Deed in Florida [Overview, Pros and Cons]." Accessed May 15, 2020.
- State Bar of Michigan. "Ladybird Deed," Pages 31-32. Accessed May 15, 2020.
- Sacramento County Public Law Library & Civil Self Help Center. "Transfer on Death (TOD) Deeds," Page 3. Accessed May 15, 2020.
- Sacramento County Public Law Library & Civil Self Help Center. "Transfer on Death (TOD) Deeds," Page 5. Accessed May 15, 2020.
- Sacramento County Public Law Library & Civil Self Help Center. "Transfer on Death (TOD) Deeds," Page 4. Accessed May 15, 2020.
Warnings
- Gifting property to another person may trigger federal or Florida gift tax liability. Consider consulting a qualified tax attorney to determine whether or not your gift of property may trigger a gift tax liability.
Writer Bio
Jerome Evans obtained a dual degree in international affairs and modern language from the Georgia Institute of Technology and earned a Juris Doctorate from the University of Georgia School of Law.