Ownership of Colorado real property is identified on a deed and recorded in the office of the county clerk and recorder where the property is located. If you’ve read Parts I, II, and III of “Which One Do I Choose,” you know that ownership is changed using a quitclaim or warranty deed, and that a person would choose whether to have ownership as an individual, joint tenants or as tenants in common. But what deed is used if ownership will be transferred from an estate, or if either of the owners is a corporation rather than a person?
Is the property part of an estate or trust?
Personal Representatives (previously called Executors) are in charge of settling a person’s estate after his or her death. Bradford Publishing has two types of Colorado deeds that can be used by a Personal Representative. One, a Personal Representative’s Deed of Distribution, is used to turn title of the property over to heirs. The other type of deed, a Personal Representative’s Deed (Sale), is used when the property is sold from the estate.
If Mary is elderly, in a nursing home, and her son is appointed as a conservator for her estate, he might need to sell her house to pay her bills. He would use a Conservator’s Deed to record the new ownership of her house.
When Karen and Ken set up a trust that included their ranch property, the trustee needed a Trustee’s Deed when he sold 500 acres to another rancher.
Can you deed real property now that transfers it later?
Catherine wants to give her house to her daughter and son when she dies, but wants to stay in her house while she is living. She can record a Beneficiary Deed so that the house will transfer automatically when she dies.
Is one of the owners a corporation or partnership?
Bradford Publishing has several warranty, special warranty, and quitclaim deeds that are created specifically for use if property is being transferred to, from, or between corporations. There’s also a deed if the new owner is a partnership.
For more information about Colorado deeds, check out Bradford Publishing’s guide, “Understanding Colorado Quitclaim and Warranty Deeds.”