BC 2011 10 17 Regular Meeting - Laserfiche WebLink

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October 17, 2011 (Regular Meeting) Page 668 Example: DOE JOHN Example: SMITH A T • If the property is owned by a married couple and no tenancy is specifically cited, then it reverts to Tenancy by the Entirety. In this scenario, both names can be put on the same line but the last name must be entered for both. They are to be separated by an ampersand " &" and the designation of Husband and Wife cited on the deed is to be abbreviated in parenthesis "(WF)" or "(HSB)" at the end of the line. This holds true even if the last names are different but they are married. Example 1: If the deed says "John Doe and wife Jane ", then it is to be keyed as: DOE JOHN & DOE JANE (WF) Example 2: If the deed says "Jane Doe and husband John ", then it is to be keyed as: DOE JANE & DOE JOHN (HSB) Example 3: If the deed says Jane Doe and husband John Smith, then it is to be keyed as: DOE JANE & SMITH JOHN (HSB) The reason for this is so that ownership as tenancy by the entirety can be shown on one line with the ownership being 1000 for the two of them. It is also so that both names can be queried. • If the property is owned by more than one person and they are not married or tenancy is specified other than Tenancy by the Entirety, each owner is to be placed on a separate line with the appropriate percent of owner associated with it. If after research by the Land Records Department, the percent of ownership cannot be determined or is in dispute, than "0 %" shall be entered for the uncertain line and comments should entered into that line's COMMENTS field. That line should also be flagged as CURRENT OWNER = YES if appropriate. • A Life Estate holder / Life Tenant shall be designated by adding "(LF EST)" after their name(s) to signify that they are the holder of the lifetime rights. The Remainderman shall be designated by adding "(REM)" after their name. Life Tenants and Remaindermen are to be on separate lines and both shall be designated as CURRENT OWNER = YES with 0% interest. If there are multiple Life Estate holders, they can all be put on the same detail line. If there are multiple Remaindermen, they also can be put a line together as long as the Life tenant is still alive. Example: DOE JOHN & DOE JANE (WF) (LF EST) DOE JAMIE (REM) When a Life Estate holder passes, the property is to be keyed as a transfer to the Remainderman on a separate line or lines if multiple Remaindermen exist using the same deed reference that designated the Life Estate /Remaindermanship, flagging it as the current owner. Percent of ownership should be changed from 0% to the appropriate percentage. The former Life Estate. • holder's record is to be flagged CURRENT OWNER = NO and the date of their death placed in comments on their line. • When Land Records is notified of the death of a property owner, the transaction shall be processed as follows: a. If the property is owned by Tenancy by the Entirety (husband and wife), and one spouse has passed, then the property is to be transferred on a new line to the surviving by the original deed /instrument. In the COMMENTS for that line, the Name and Date of Death shall be cited for the spouse that passed b. If the property is owned by an individual or the decedent is one of multiple owners, the property is to be transferred to that person's Estate by adding "THE ESTATE OF" after the name. (In the case of multiple owners, the decedent's interest shall be transferred to their Estate.) If there is no Will or it has not been probated, the property is to remain in the name of the Estate until it is probated or a Judgment is made and filed in the Clerk of Courts office. If or when the Will has been probated or a Judgment made and filed, the property will then be transferred from the Estate to the new owner(s) in accordance with the Will or Judgment. The date the estate was probated or the date the judgment was filed is the date to be used in the transfer along with the file number as the DEED BOOK /PAGE. The date can be obtained using the AOC terminal in the Register of Deeds vault or the Land Records Manager can look it up.