
A deed is the legal document that proves your ownership to a specific piece of real estate. A new deed must be prepared and signed in order to transfer a property interest to a new owner. Property rights and deed requirements are governed by individual state laws, and Iowa has specific rules for conveying real estate.
Choosing Deeds
It is important to choose the correct deed form when transferring real estate ownership. For example, in Iowa, when you sign a quitclaim deed you do not warrant that the property is free and clear, or even that you have an ownership interest to convey.
Quitclaims deeds are commonly used in divorces when spouses transfer marital property to one another, or when a parent wants to transfer ownership to an adult child. Warranty deeds are generally used in real estate sales transactions. They guarantee that you own the property, and are transferring free and clear title.
Deed Draft
Deeds must include specific information to create a valid property transfer. For example, Iowa deeds identify the names of the transferring and receiving parties. If there are multiple new owners, generally it states after their names how they will hold title. For example, it might say, "John Smith and Mary Jones, as tenants in common," or "Bob Jones and Sandy Talbot, as husband and wife." Deeds also state details such as the property's sales price and legal description.
Execution of the Deed
You must properly execute an Iowa deed to successfully transfer your property rights. A deed must be dated, and the property owner must sign it in the presence of a notary public.
Signatures must be in an ink color that can be easily read and photocopied, such as black or dark blue. Names must be neatly printed or typed below signatures. An attorney can ensure that your deed is properly drafted and executed.
Recording the Deed
Iowa deeds are stamped and filed in the recorder's office for the county in which the property is located. Generally, transfer taxes are due upon recording and are based on the property's sales price. Such taxes are subject to change, but as of 2019, transfer taxes on a $100,000 property sale were approximately $159.20.
If no money is paid for the transfer of the property, such as transfers made in divorces, or if the sales price is less than $500, no transfer taxes are due. Individual counties also charge filing fees, which run approximately $7.00 for a one-page deed.
References
- Scott County: Iowa Real Estate Transfer Tax Table
- Iowa County, Iowa: Iowa County, Iowa Real Estate Transfer Tax Calculator
- Pasley and Singer Law Firm, L.L.P.: Real Estate
- Iowa County, Iowa: Iowa County, Iowa - Recorder
- Pottawattamie County, Iowa: Recording Fees
- Nupp Legal: Quit Claim Deed
- 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.
Writer Bio
Maggie Lourdes is a full-time attorney in southeast Michigan. She teaches law at Cleary University in Ann Arbor and online for National University in San Diego. Her writing has been featured in "Realtor Magazine," the N.Y. State Bar's "Health Law Journal," "Oakland County Legal News," "Michigan Probate & Estate Planning Journal," "Eye Spy Magazine" and "Surplus Today" magazine.