Property Ownership
Iowa's Transfer on Death (TOD) deed allows a property owner to:
ATransfer property during their lifetime with immediate effect
BDesignate a beneficiary who automatically receives the property at the owner's death without probate✓ Correct
CAvoid all property taxes during the owner's lifetime
DTransfer only personal property to heirs
Explanation
Iowa's TOD deed (authorized under Iowa Code Chapter 633A) allows a property owner to name a beneficiary who takes title automatically at the owner's death, bypassing probate. The TOD deed has no effect during the owner's lifetime and can be revoked.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Joint TenancyCo-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
Tenancy in CommonCo-ownership where two or more people hold undivided interests that need not be equal and pass to each owner's heirs — no right of survivorship.
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