If a TODD is not in place it is more difficult to transfer the ownership of real estate after someone passed. There are many steps to the process, depending on if a will is in place or not for the estate. A TODD is the easiest method to transfer ownership after someone passes.

You are not liable to creditors if you were not originally on the loan. If you have an assumable mortgage, the new borrower can pay a flat fee to take over the existing mortgage and become responsible for payment. But they will still typically need to qualify for the loan with your lender. But you can still transfer a mortgage to another person if the terms of your mortgage say that it is assumable. There are different types of real estate transactions to help you with this situation.

Any real estate that has a TODD in place does not have to go through probate court to transfer ownership.

A TODD has to be recorded prior to the person passing for it to be valid. If the deed is not recorded before the death of the grantor, it is ineffective. It must be signed, notarized, and recorded in the county where the property is located as the legal description of the property in tax records can be or inaccurate. is located as the legal description of the property in tax records can be or inaccurate.