‘Property Transfer’ is a situation in which property (including cash and securities) has been sold, traded, or given away. It does not include the mere addition of a name to a bank account, loss of property due to foreclosure, defunct sales contracts, or repossessed property (real or personal) by seller or lending agent due to claimant’s failure to pay.
A transfer of property occurs when the person making the transfer (grantor) has deeded over the property, and the deed or other instrument is no longer in the physical possession of the grantor.
A transfer of property occurs when a claimant, or the spouse with whom the claimant lives, consigns property or a share in property owned through ‘tenancy in common’ or ‘joint tenancy’ or commonly owned with a person(s) other than the spouse to the co-owner(s).
EXAMPLE: Mr. Jones is the claimant. His wife and sister-in-law share 1/2 interest each in a piece of property in which the sister-in-law lives. Mr. Jones’ wife signs her 1/2 interest over to her sister. This would be considered a transfer of property.
Any personal property such as grain, produce, livestock, etc. sold at regular market prices and shown on the budget as income is not considered as ‘property transfer’.