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Commonly Asked Questions about Two Individuals Property Transfer Forms

State Law requires a Property Transfer Affidavit to be filed whenever real estate is transferred (even if you are not recording a deed).
Michigan lets you register stocks and bonds in transfer-on-death (TOD) form. People commonly hold brokerage accounts this way. If you register an account in TOD (also called beneficiary) form, the beneficiary you name will inherit the account automatically at your death.
State transfer taxes In Michigan, real estate transactions exceeding $100 in value will require the payment of a State transfer tax. This tax is levied at a rate of $3.75 for every $500 (or a portion of $500) of the propertys value.
The Property Transfer Affidavit must be filed by the new owner within 45 days of the date transfer. If it is not filed in a timely manner, a fine of $5 per day (maximum $200) could apply.
Family members can transfer property to one another without estate tax penalties by putting the property into a trust. When placed into an irrevocable trust, the property is no longer considered part of your estate after you die.
Today, Californians most often transfer title to real property by a simple written instrument, the grant deed. The word grant is expressly designated by statute as a word of conveyance. (Civil Code Section 1092) A second form of deed is the quitclaim deed.
The most common way to transfer property is through a general warranty deed (sometimes called a grant deed). A general warranty deed guarantees good title from the beginning of time.
A Michigan property owner transfers title to real estate by signing and recording a deed. A deed allows the current owner (grantor) to transfer real estate to a new owner (grantee). Depending on the situation, there may be multiple grantors or multiple grantees within a single deed.