What Is Transfer of Rights in the Property?

Transfer of rights in the property rights is one of the foundations of property ownership rights. 3 min read updated on February 01, 2023

Updated November 4, 2020:

Transfer of rights in the property rights is one of the foundations of property ownership rights. It's possible for a property owner to give away some rights but still hold onto ownership. One example of this is when a property owner gives someone an easement to get to another piece of property. Transferring ownership entirely is another option, and it means giving up all basic rights, such as the right of possession, usage, and exclusion.

Conveyancing

The term conveyancing refers to the process of transferring a piece of property to a new owner. When an attorney is part of the conveyancing process, he or she listens to what the buyer wants and what the seller wants and then turns those desires into a legal response to those desires by preparing and filing property ownership deeds or other forms of ownership paperwork. The attorney handling the conveyance determines which document is right for the specific transaction, who needs to sign the document, what form of title the new owners are going to hold, and which rights related to property ownership are going to be transferred.

Ways to Transfer Property Ownership

There are a number of ways to transfer property ownership rights to someone else. It is possible to transfer ownership whether the thing is of little financial value or a very costly property, such as high-value real estate. The high-value properties usually have more complicated procedures for transferring ownership. The methods for transferring ownership of property are:

  • Basic property transfers
  • Relinquishing your rights
  • Mortgaging the property

Basic Property Transfers

This is the type of property transfer you see when buying lower-priced goods, like groceries. No one is required to sign a bill of sale or any kind of contract with this type of transaction. Money changes hands. One party gets the property. The other typically gets a receipt. The low value of the goods makes the paperwork unnecessary, but when the value of goods is higher, more paperwork is needed to transfer ownership of goods. If you're dealing with real estate, though, it's more complicated and a bill of sale is needed. A bill of sale:

  • Represents an enforceable agreement
  • Has to be either notarized or witnessed, based on each state's laws

Transferring Property as a Gift

Giving or receiving the property as a gift is a way to transfer ownership. With this type of ownership transfer, the owner who acts as a donor doesn't get paid the full value of the property, and it is handled differently than a property ownership transfer that occurs when a property is sold. Property transferred as a gift is typically handled within a family unit. A witness or notarization is required when the gift is real estate. If the property is taxable, the donor usually pays the tax, but sometimes the recipient does.

Relinquishing Property to Transfer Ownership

Relinquishing rights to real estate can be an enforceable way to transfer property. Different areas handle relinquishments differently, and documentation is always required to make the transfer official.

Transferring Property Through a Will

When a will is used to transfer property , the transfer takes place when the donor passes away. However, neither the heir-apparent, a relative, not anyone else can complete the transfer on the possibility of inheriting. If someone tries to transfer property he or she expects to get via inheritance while the donor is still living, the contract becomes void. It isn't possible to contract to transfer ownership of property you don't own, even if you hope to own it sometime in the future. It's against the law to try to enforce a will prematurely.

Transferring Property by Mortgage or Deed

A mortgage transfers the legal title to a property from the mortgagee to the mortgagor in some states. In other states, a mortgage is a lien on the property, and the mortgagor can sell the property if the mortgagee fails to pay the debt. When an owner transfers property by deed, the deed identifies the new property owner and the seller. The deed also describes the property and must be signed by the owner who is getting rid of the property.

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Legal Templates

Home Business Assignment Agreement

Assignment Agreement Template

Use our assignment agreement to transfer contractual obligations.

Assignment Agreement Template

Updated February 1, 2024 Reviewed by Brooke Davis

An assignment agreement is a legal document that transfers rights, responsibilities, and benefits from one party (the “assignor”) to another (the “assignee”). You can use it to reassign debt, real estate, intellectual property, leases, insurance policies, and government contracts.

What Is an Assignment Agreement?

What to include in an assignment agreement, how to assign a contract, how to write an assignment agreement, assignment agreement sample.

trademark assignment agreement template

Partnership Interest

An assignment agreement effectively transfers the rights and obligations of a person or entity under an initial contract to another. The original party is the assignor, and the assignee takes on the contract’s duties and benefits.

It’s often a requirement to let the other party in the original deal know the contract is being transferred. It’s essential to create this form thoughtfully, as a poorly written assignment agreement may leave the assignor obligated to certain aspects of the deal.

The most common use of an assignment agreement occurs when the assignor no longer can or wants to continue with a contract. Instead of leaving the initial party or breaking the agreement, the assignor can transfer the contract to another individual or entity.

For example, imagine a small residential trash collection service plans to close its operations. Before it closes, the business brokers a deal to send its accounts to a curbside pickup company providing similar services. After notifying account holders, the latter company continues the service while receiving payment.

Create a thorough assignment agreement by including the following information:

  • Effective Date:  The document must indicate when the transfer of rights and obligations occurs.
  • Parties:  Include the full name and address of the assignor, assignee, and obligor (if required).
  • Assignment:  Provide details that identify the original contract being assigned.
  • Third-Party Approval: If the initial contract requires the approval of the obligor, note the date the approval was received.
  • Signatures:  Both parties must sign and date the printed assignment contract template once completed. If a notary is required, wait until you are in the presence of the official and present identification before signing. Failure to do so may result in having to redo the assignment contract.

Review the Contract Terms

Carefully review the terms of the existing contract. Some contracts may have specific provisions regarding assignment. Check for any restrictions or requirements related to assigning the contract.

Check for Anti-Assignment Clauses

Some contracts include anti-assignment clauses that prohibit or restrict the ability to assign the contract without the consent of the other party. If there’s such a clause, you may need the consent of the original parties to proceed.

Determine Assignability

Ensure that the contract is assignable. Some contracts, especially those involving personal services or unique skills, may not be assignable without the other party’s agreement.

Get Consent from the Other Party (if Required)

If the contract includes an anti-assignment clause or requires consent for assignment, seek written consent from the other party. This can often be done through a formal amendment to the contract.

Prepare an Assignment Agreement

Draft an assignment agreement that clearly outlines the transfer of rights and obligations from the assignor (the party assigning the contract) to the assignee (the party receiving the assignment). Include details such as the names of the parties, the effective date of the assignment, and the specific rights and obligations being transferred.

Include Original Contract Information

Attach a copy of the original contract or reference its key terms in the assignment agreement. This helps in clearly identifying the contract being assigned.

Execution of the Assignment Agreement

Both the assignor and assignee should sign the assignment agreement. Signatures should be notarized if required by the contract or local laws.

Notice to the Other Party

Provide notice of the assignment to the non-assigning party. This can be done formally through a letter or as specified in the contract.

File the Assignment

File the assignment agreement with the appropriate parties or entities as required. This may include filing with the original contracting party or relevant government authorities.

Communicate with Third Parties

Inform any relevant third parties, such as suppliers, customers, or service providers, about the assignment to ensure a smooth transition.

Keep Copies for Records

Keep copies of the assignment agreement, original contract, and any related communications for your records.

Here’s a list of steps on how to write an assignment agreement:

Step 1 – List the Assignor’s and Assignee’s Details

List all of the pertinent information regarding the parties involved in the transfer. This information includes their full names, addresses, phone numbers, and other relevant contact information.

This step clarifies who’s transferring the initial contract and who will take on its responsibilities.

Step 2 – Provide Original Contract Information

Describing and identifying the contract that is effectively being reassigned is essential. This step avoids any confusion after the transfer has been completed.

Step 3 – State the Consideration

Provide accurate information regarding the amount the assignee pays to assume the contract. This figure should include taxes and any relevant peripheral expenses. If the assignee will pay the consideration over a period, indicate the method and installments.

Step 4 – Provide Any Terms and Conditions

The terms and conditions of any agreement are crucial to a smooth transaction. You must cover issues such as dispute resolution, governing law, obligor approval, and any relevant clauses.

Step 5 – Obtain Signatures

Both parties must sign the agreement to ensure it is legally binding and that they have read and understood the contract. If a notary is required, wait to sign off in their presence.

Assignment Agreement Template

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Assignment Agreement Template

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Deed of Assignment and Transfer of Rights [Parts and Template]

Deed of Assignment and Transfer of Rights (Parts and Template)

A Deed of Assignment and Transfer of Rights is a legal document used when a person or a company who originally was a party to a contract (also known as the assignor or transferor) transfers his or its rights under the contract to another party (the assignee or transferee).

Accordingly, when the Deed of Assignment and Transfer of Rights has been drafted on the basis that in the original contract there is no prohibition to or restriction on assignment, and hence signed by both parties, it can be consequently assigned without the other contracting party’s consent.

In this article, I’ll try to dissect a sample Deed of Assignment and Transfer of Rights of a St. Peter Life Plan and provide descriptions of its fundamental elements or parts. As drafting a deed requires abundant caution, presence of mind, and knowledge of property and other allied laws, I highly advise that you seek help from experts and experienced in legal transactions.

Parts of a Deed of Assignment and Transfer of Rights

[1] Title of Deed . As implied above, deeds come in different forms and types. Check if the document and the first section displays the title – Deed of Assignment and Transfer of Rights. Conventionally, the first paragraph runs:

  KNOW ALL MEN BY THESE PRESENTS:

This deed, made and entered made and entered into this 13 rd day of January 2018 at the City of Manila, by and between:

[2] Parties Involved . A Deed of Assignment and Transfer of Rights must contain accurate information about the identities of the assigning and assigned parties. Other information such as age legality, citizenship, and postal address must be included, just as seen below:

Juan De la Cruz, Filipino citizen, of legal age, married to Josefina De la Cruz, and with residence and postal address at 123 Kasiglahan Street, Karangalan Village, Dela Paz, Pasig City, Philippines, hereinafter referred to as the “ASSIGNOR/TRANSFEROR”

Sebastian Maliksi, Filipino citizen, of legal age, single, and with residence and postal address at 456 Kasimanwa Street, Karangalan Village, Dela Paz, Pasig City, Philippines, hereinafter referred to as the “ASSIGNEE/TRANSFEREE”

[3] Contract Details . A Deed of Assignment and Transfer of Rights must contain a detailed description of the contract, hence in the context here – St. Peter Traditional Life Plan (St. Anne) contract and the Life Plan Agreement (LPA) Number:

WHEREAS, the ASSIGNOR/TRANSFEROR is the owner of life / memorial plan contract which is identified as St. Peter Traditional Life Plan (St. Anne), with Life Plan Agreement No. 123456;

[4] Contract Assignment and Transfer Agreement . As one of the most important and critical parts, this specifies the terms and conditions of the agreement. See sample below:

WHEREAS, for and in consideration of the value of the plan and out of accommodation and assistance for the ASSIGNEE/TRANSFEREE, the ASSIGNOR/TRANSFEROR is assigning and transferring all his/her rights and interests over the Life Plan mentioned in the immediately preceding paragraph to the ASSIGNEE/TRANSFEREE;

NOW, therefore for and in consideration of forgoing premises, the parties hereto have agreed on the following terms and conditions, to wit;

THE ASSIGNOR/TRANSFEROR, hereby waives all his / her rights and interests in the subject life plan in favor of the ASSIGNEE/TRANSFEREE. It is understood that when the Life Plan is assigned / availed of, then all obligations of St. Peter Life Plan, Inc. are fulfilled and discharged.

As a consequence of this assignment / transfer of rights, the ASSIGNEE/TRANSFEREE hereby assumes all the obligations and accountabilities of the ASSIGNOR/TRANSFEROR to St. Peter Life Plan, Inc. in connection with the life plan contract which it issued to the latter.

The ASSIGNEE/TRANSFEREE obligates and / or undertakes to comply with and abide by the requirements which St. Peter Life Plan Inc. may impose in connection with the purchase, possession, and use of the said Life Plan particularly the requirement that it should be fully paid before the memorial service could be availed of pursuant to the Life Plan.

[5] Execution . Once the Deed of Assignment and Transfer of Rights is drafted, the parties involved shall execute it by affixing their signatures. Other than the assigning and assigned parties, witnesses should also sign all the pages of the document. In addition, the deed shall be acknowledged and notarized by a legal practitioner.

IN WITNESS WHEREOF the parties have hereunto set their hands on the date and place first above written.

[  Assignor/Transferor]                           [Assignee/Transferee]

SIGNED IN THE PRESENCE OF:

[Witness]                                                    [Witness]

Disclaimer: Although much effort has been exerted in the creation of this article, the author disclaims any legal expertise and does not guarantee the accuracy and legitimacy of any or all of the information. Hence, it is advised that you consult with professionals such as insurance brokers and lawyers before engaging in legal transactions.    

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Transfer Of Ownership Agreement

Jump to section, what is a transfer of ownership agreement.

A transfer of ownership agreement is a contract used to transfer ownership of something sold by one person (the Seller) to the person buying the products (the Buyer). These agreements can be used to sell a goods, a business, a vehicle, or even land. Transfer of ownership agreements also may also transfer responsibilities and liabilities associated with the goods being sold.

There are several important components of the transfer of ownership agreement including the specific identification of the goods being sold, the date of the ownership transfer for tax payment purposes and any warranty protection for the buyer, and the payment terms of the sale.

Common Sections in Transfer Of Ownership Agreements

Below is a list of common sections included in Transfer Of Ownership Agreements. These sections are linked to the below sample agreement for you to explore.

Transfer Of Ownership Agreement Sample

Reference : Security Exchange Commission - Edgar Database, EX-10.13 14 dex1013.htm UNIT TRANSFER AGREEMENT , Viewed October 24, 2021, View Source on SEC .

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Connie Chadwick presently focuses her law practice in Tennessee on flat fee legal services which commonly include family court settlements such as divorces, child support orders, custody agreements; contracts; business formation services; and estate plans. Connie is also a Tennessee licensed residential general contractor with over fifteen years of experience in the construction field. With both legal and construction experience, Connie is a logical choice for contractor disputes. Connie earned her Doctorate of Jurisprudence from The Nashville School of Law after earning her Bachelor of Science in Accounting and Finance from Lipscomb University. www.conniechadwicklaw.com Connie Chadwick is recognized by peers and was selected to SuperLawyers Rising Stars for 2017 - 2023. This selection is based off of an evaluation of 12 indicators including peer recognition and professional achievement in legal practice. Being selected to Rising Stars is limited to a small number of attorneys in each state. As one of the few attorneys to garner the distinction of Rising Stars, Connie Chadwick has earned the respect of peers as one of the top-rated attorneys in the nation.

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Transferring Special Education Rights from Parents to Students

In special education law, parents hold a student’s educational decision-making rights until they transfer to the student.  Students with disabilities have many rights connected to special education and related services.  This publication explains how special education decision-making rights transfer from parents to students, the definition of a “parent” in special education law, rights of students once transfer occurs, and rights the student has when preparing for transition out of high school.  This publication is based on Washington State and federal law and assumes the reader has basic familiarity with the special education Individualized Education Program (IEP) process.

What is the process for a student to take over their educational decision-making?

At least one year before a student turns 18, the student’s IEP must contain a statement that says the student has been informed of what rights will transfer to the student upon reaching age 18.  Unless certain circumstances apply (explained below), when a student turns 18, a student’s educational rights are transferred from the parents to the student. Students who hold their own education rights can authorize any adult to make educational decisions for the student by using a power of attorney.  A power of attorney is a document granting a competent adult the authority to make certain decisions on the behalf of another competent adult.

Who is a “parent” for purposes of special education law?

A “parent” is defined as:

  • a student’s biological or adoptive parent;
  • a foster parent;
  • a guardian authorized to act as the student’s parent or make educational decisions for the student;
  • a person acting in place of a biological or adoptive parent, such as a stepparent, grandparent, or other relative with whom a student lives, or someone who is legally responsible for the student’s welfare; or
  • a surrogate parent appointed by the school district.

After the age of 18, if a student holds their own educational rights, the student is considered a “parent” for the purposes of special education law.

Prior to transfer of rights, parents have the opportunity to observe the student in a school setting to better understand the strengths and needs of the student. All school districts must have a policy in place that outlines school procedures for allowing these observations.

What can prevent a student from having their special education rights transferred to them?

In some situations, students who are 18 or older do not hold their education rights, but this only happens if the student has a court-appointed guardian or if a certification process is followed.  If a court has appointed a legal guardian for the student, the guardian will represent the student’s educational rights.  Also, students who do not have appointed guardians may be certified for one year as unable to make educational decisions if two separate professionals state in writing that they have conducted a personal examination or interview with the student, the student is incapable of providing informed consent to make educational decisions, and the student has been informed of this decision.  If this certification happens, the school district will assign an educational representative to the student.  Certification of a student’s inability to make educational decisions can be challenged at any time by the student or an adult with a real interest in and knowledge of the student.

What rights do students get when they take over their educational rights from their parents?

A student who holds their own educational rights has all the rights their parents had, including the right to:

  • Know what disability the student has, how it may affect their ability to learn and live independently, and consent to proposed services for that disability.
  • Ask for an IEP meeting or a student reevaluation.
  • Attend a meeting to develop the student’s IEP, which must be held within 30 calendar days of a determination of the student’s eligibility for special education and related services.
  • Receive notification in advance of a mutually agreed on date, time, and location of the student’s IEP meeting so the student has an opportunity to attend.
  • Be informed if a member of the IEP team cannot be present at the meeting or does not need to be present.  The school and student must agree to excuse the team member.
  • Take part in the student’s IEP meetings and be a part of the IEP team.  If educational rights have not been transferred yet, the student should be part of the IEP team whenever this is appropriate.
  • Invite people who know or have special expertise about the student, like a mentor or friend, to the IEP meeting to be part of the IEP team.
  • Receive necessary accommodations at IEP meetings (related to accessibility, interpreters, etc.).
  • Know and understand how the school district will measure the student’s progress toward meeting measureable annual goals.
  • Receive periodic progress reports showing the progress the student is making toward their annual goals.
  • Review their educational records and get a copy of the student’s most current IEP at no cost.
  • Receive necessary related services. This may include, but is not limited to, transportation, physical therapy, occupational therapy, medical services, psychological services, speech-language pathology services, and counseling services.
  • Request and receive a completed reevaluation within 35 school days after the date the student gave the school district written permission to reevaluate the student.
  • Disagree with an evaluation, request an independent educational evaluation, and receive information from the district about independent evaluators.
  • File a citizen complaint, request a due process hearing, or request mediation if a student has a special education dispute with the school.

What rights does a student receiving special education services have when preparing for life after high school?

Schools must help students receiving special education and related services prepare for life after high school by providing transition services.  Transition services are designed to prepare students for activities after high school like postsecondary education, vocational education, employment, continuing and adult education, adult services, independent living, and community participation.

By age 16, a student’s IEP must include measurable postsecondary goals based on age-appropriate transition assessments and must describe transition services needed to help the student reach those goals.  This transition planning may occur before age 16 if the IEP team determines this is appropriate.  Students must be invited to IEP meetings whenever the purpose of the meeting is to discuss postsecondary goals and transition services.  For more information on transition services, visit the Center for Change in Transition Services website .

The Administration for Community Living (ACL) provided federal funding for the cost of producing this publication (Award #1701WAPADD). The contents are the sole responsibility of Disability Rights Washington and do not necessarily represent the official views of ACL.

This information is current as of: May 2017

This information is a service of Disability Rights Washington (DRW). It provides general information as a public service only, and is not legal advice. If you need legal advice, you should contact an attorney. You do not have an attorney-client relationship with DRW. If you would like more information about this topic or would like to receive this information in an alternative format call DRW at (800) 562-2702, or email [email protected] .

Always advocate in a timely manner. Please be aware that there are certain time limits or deadlines to file a complaint, a lawsuit, or take legal action.

DRW cannot guarantee that any individual or organization included in this material will represent or assist you. DRW also cannot guarantee the quality of this individual’s or organization’s representation.

Permission to reprint this publication is granted by the author, DRW, provided that the publication is distributed free of charge and with attribution. If you do disseminate any DRW document, please send us an email to [email protected] letting us know the nature of the audience and number of people with whom it was shared.

Disability Rights Washington 315 5th Ave S, Ste 850 Seattle, WA 98104 Voice: (206) 324-1521 or (800) 562-2702 Fax: (206) 957-0729 Email: [email protected] Website: www.disabilityrightswa.org

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Transfers of development rights

  • Housing Market Condition: Strong Markets
  • Administering Agency: Department of Housing and/or Community Development , Department of Planning
  • Published: May 17, 2021

Transfers of development rights (TDR) programs are voluntary programs that allow the owner of one property (the “sending site”) to transfer its development rights to the owner of a second property (the “receiving site”).

While a TDR program can be used to preserve affordable housing, the tool is most commonly used in conservation efforts as a mechanism for the owners of environmentally sensitive areas or open spaces to offset losses imposed by preserving those areas in their current form.  The development rights are then redirected to an area that has been determined to be more appropriate for growth.

Some cities, towns, and counties use TDRs to encourage the preservation of affordable housing developments and generate revenue to support their continued operations. In this context, the sending site—an existing affordable housing development—sells its unused development capacity to a receiving site. The sale preserves the current use of affordable housing and raises funds that can be reinvested in the development to help preserve it for the long-term. The owner of the receiving site may then build at a higher density or building height than would ordinarily be allowed by the underlying zoning code A set of local codes that dictates use and development of property. It establishes what type of developments --commercial, residential, industrial, etc.-- are allowed to be built on specific areas, and lays out the building standards for each area such as minimum lot sizes, maximum height, setbacks, and yard sizes. .

TDR programs are most likely to be effective in areas where there is strong demand for additional density on potential receiving sites. In some cases, the municipality managing the TDR program plays an interim role by purchasing development rights from sending sites and holding them for a future buyer in a TDR “bank.” By maintaining a TDR bank, local jurisdictions ensure that sending sites can sell their development rights when needed, even if a buyer is not immediately available.

TDR programs require careful planning and design. This section describes some of the key considerations involved in creating a TDR program.

As described above, TDR programs generally operate by allowing a sending site to transfer development credits to a receiving site. Some cities use other methods to allow the transfer of development rights. In New York City, for example, owners of adjacent lots can “merge” the lots for zoning purposes, and calculate density as an average across both sites. The owner of the underbuilt lot effectively transfers development rights, allowing the neighboring lot to be built at a higher density than ordinarily allowed. [1]

One of the most important steps in implementing a TDR program is developing a transparent and streamlined method for processing TDR transactions. As part of this process, local jurisdictions will need to determine whether they should establish or encourage others to establish a TDR bank to ensure the program functions smoothly. Affordable housing owners may wish to sell development rights when there are no viable receiving sites, and developers may wish to purchase excess density at times when there are no sending sites. TDR banks help to address this mismatch and promote ongoing liquidity by buying and holding development rights as needed until there is a viable buyer. A TDR bank can be complex to administer, however, and local jurisdictions may choose to work with a local nonprofit partner that can function as a manager of the bank. King County, Washington is a prominent example of a jurisdiction with a TDR bank. ( See local example in the Related Resources  section below.)

Depending on local affordable housing preservation goals, some cities define potential sending sites broadly, to include a diverse set of affordable developments (e.g., apartment buildings, mobile home parks, single-room occupancies, etc.) or historic buildings. Others opt to limit eligibility in order to promote preservation of affordable housing that serves a particular population (e.g., extremely low-income households) or is located in a particular part of town (e.g., affordable rentals in designated high-cost or gentrifying areas).

Jurisdictions also identify and approve receiving sites—for example, limiting eligibility to purchase development rights to residential projects in areas where the city wishes to promote growth and where excess density can easily be accommodated. Eligible receiving zones may be established in advance of any development applications, allowing developers who purchase development rights through a TDR program to build at higher densities in these areas—perhaps up to a cap set by local ordinance A law adopted by a local government pertaining to an issue within its legal power. – on an “as-of-right basis” (e.g., without the need for additional approvals or amendments). Alternatively, some cities, towns, and counties approve receiving sites on an “as-of-right basis” (e.g., without the need for additional approvals or amendments). Alternatively, some cities, towns, and counties approve receiving sites on a case-by-case basis, as developers request permission to build at higher density than would ordinarily be allowed based on their purchase of transferred development rights. This approach allows for greater flexibility, but provides less transparency and predictability in the development process. Cities, towns, and counties may also use a hybrid of the two approaches, establishing an as-of-right receiving area, but also accepting requests for using the TDRs in other areas on a case-by-case basis. [2] These sites need not be contiguous (although some jurisdictions limit their use by requiring contiguity), and may even be located on opposite sides of town.

In addition to local programs, some communities have established regional TDR programs that allow development rights to be sold across jurisdictions. This approach is most likely to be feasible in areas that have a regional land use agency. For example, the Tahoe Regional Planning Agency, a bi-state regional environmental planning agency with jurisdiction in Nevada and California, allows for the transfer of density across state lines in the area around Lake Tahoe. Development is often spread unevenly across metropolitan areas, with some areas having higher concentrations of affordable housing than others. Regional programs help to address some of this imbalance by providing a mechanism to share resources across jurisdictions. Regional programs may also be a productive way for smaller localities or neighboring localities with very different property markets to work collaboratively to address asymmetries in the development of affordable housing regionally.

In some cases, the neighbors of receiving sites may make due process claims, challenging the additional development capacity conferred by TDRs. This is particularly the case when the TDR results in development that does not align with the community’s comprehensive plan. Cities, towns and counties should establish formal processes for notifying neighbors of an upcoming TDR transaction and filing an objection.

Affordability  and targeting

Proceeds from the sale of development rights at affordable housing developments can be reinvested in those properties, helping to cover the cost of meeting accrued capital needs and ongoing operations and ensure the properties’ viability over the long term. As a result, owners of “sending” sites (buildings that are preserved through the sale of development rights) should be expected to maintain affordability for a defined period. It is good practice for cities, towns, and counties to set standards for the duration of affordability to be maintained. Some cities, towns, and counties also require the “receiving” site to set aside a portion of the added density to serve low- or moderate-income households. Expectations for the share of units to be reserved at receiving sites, the income level(s) targeted, and the affordability period should all be clearly spelled out to ensure transparency and predictability in the development process.

In places where development rights are particularly valuable, the proceeds may exceed the amounts needed to preserve the affordability of property on the sending site, in which cases communities will want to set limits on how the proceeds can be used. In New York City, for example, the Housing Preservation Department requires that nonprofit owners of sending sites use the proceeds to support permanent affordability, allows the owners a development fee, and requires the remainder to be used as equity in other affordable housing deals.

Other considerations

Interaction with other programs.

Cities, towns, and counties interested in creating a TDR program should be mindful of how TDRs might interact with other existing affordable housing programs. For example, many communities that have adopted an inclusionary zoning Regulation or incentive to include units within a development for low- and moderate-income families. Also referred to as inclusionary housing. policy provide density bonus A zoning exception granted by a municipality to allow for more housing unit to be built on a given site, such as increase in dwelling units per acre, floor area ratio, or height. It is often granted to buildings that accomodate a fair share of affordable units for working families. es in exchange for the inclusion of affordable units in market-rate developments. TDR program guidelines should specify the density allowances and affordability obligations for the (likely limited) subset of properties that qualify for both programs.

The TDR program in Arlington County, VA is structured to achieve two goals: (1) preserving the long-term affordability of historically valuable garden apartments, and (2) shifting excess density to parts of town where the County is aiming to channel development. The garden apartments are the “sending” sites, and participating owners commit to preserve the existing buildings, renovate units, and keep them as affordable for at least 30 years. Eligible receiving sites are along corridors and in neighborhoods that have been targeted for redevelopment, as well as areas that can accommodate additional height. Learn more about the TDR program in Arlington County, VA .

King County, Washington’s TDR bank streamlines density transfers throughout the greater Seattle area. The TDR bank may purchase development rights from qualified sending sites at a price up to the fair market value of the land, while individual buyers and sellers can use an online TDR exchange to negotiate their own prices. In 2013, King County and the City of Seattle entered into a regional partnership that facilitates the transfer of development rights from agricultural areas in the county to three neighborhoods in downtown Seattle: South Lake Union, Denny Triangle, and the city’s Commercial Core. The city agreed to accept 800 credits, enabling the county to preserve farm and forest land. In South Lake Union, developers of residential projects above 85 feet can receive up to 40 percent of the additional density needed through the purchase of TDR credits. The remaining additional height/density can be achieved through a developer payment to the city, which is used to support affordable housing activities. Learn more about the TDR program in King Country, Washington.

Related resources

Implementation.

  • Smart Growth / Smart Energy Toolkit Bylaw: Transfer of Development Rights , Commonwealth of Massachusetts – While targeted at towns in Massachusetts, this model bylaw contains useful context on the purpose and potential of TDR programs, as well as language that can be incorporated into a TDR policy.
  • Transfer of Development Rights Programs: Using the Market for Compensation and Preservation , Cornell University College of Architecture, Art and Planning – This brief describes key advantages and challenges for local communities seeking to implement TDR programs, as well as tips for building markets around programs.

Program design

  • Unlocking the Right to Build: Designing a More Flexible System for Transferring Development Rights , Furman Center for Real Estate & Urban Policy at New York University (March 2014) – This report reviews current TDR policies in New York City, and explores strategies for reforming the current system to increase options for transferring development rights to promote development of affordable housing.
  • Transfer of Development Rights Turns 40 , American Planning Association Planning & Environment Law (June 2007) – This article provides an overview of TDR programs, including factors that will impact success at the sending and receiving sites. The article includes a description of innovative TDR techniques and how they are being used in local communities.

Local example

  • Transfer of Development Rights (TDR) Case Study , Massachusetts Smart Growth/Smart Energy Toolkit – Provides case studies on the TDR program in Falmouth, MA, Montgomery County, MD, and Seattle, WA.

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What Happens to a Bank Account When Someone Dies?

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  • After someone dies, the handling of bank accounts depends on the type of account, ownership structure, and whether there is a will or named beneficiaries.
  • Joint accounts with rights of survivorship and accounts with payable on death (POD) and transfer on death (TOD) designations bypass the probate process, transferring directly to named beneficiaries.
  • Other bank accounts may be subject to probate, where debts are settled, and then assets are distributed according to the deceased’s will or state laws.
  • Seeking legal advice and utilizing financial institutions’ estate services may be beneficial to help you efficiently manage the estate and properly fulfill legal obligations. 

Losing a loved one is never easy, managing their financial affairs can add an extra layer of stress during an already difficult time. Whether you're the executor of an estate, a beneficiary, or a loved one, it's common to wonder, “What happens to a bank account when someone dies?”

The answer depends on several factors, including the type of account, its ownership structure, whether the deceased left a will, or whether the account has named beneficiaries. If the deceased person has a will, it appoints an individual or organization, known as an executor, to manage the deceased’s estate. When there is no will, the courts appoint an administrator who serves a similar function but is guided by state laws rather than the deceased’s wishes. 

Understanding the legal processes and steps involved after an account holder's death can help ensure the assets are smoothly transferred to the rightful heirs.

Immediate Actions After an Account Holder’s Death

After receiving notification of an account holder’s death, a bank will take prompt steps to secure the assets. For an account owned by a single individual, this typically includes:

  • Account status review : The bank reviews the account to confirm its ownership status and determine whether it has a beneficiary designation. This critical step ensures that the next actions align with bank policies and legal requirements.
  • Request for documentation : The bank will request documentation such as a certified copy of the death certificate and legal documents indicating who has the authority to make decisions regarding the deceased assets.

The Role of the Executor or Administrator in Managing Bank Accounts

The executor or administrator must provide legal proof of their authority to the bank. Once approved, they are responsible for settling the deceased's debts, paying bills, and taking care of fees, taxes, and final expenses, such as funeral costs. [1] When all debts are paid, and remaining assets are ready for distribution, the executor or administrator must transfer the funds to the beneficiaries as outlined in the will or—if no will exists—according to state succession laws.

OD and POD Accounts

Some bank accounts have transferrable-on-death (TOD) or payable-on-death (POD) designations, which allow the account holder to name a beneficiary. In this case, once the bank receives the death certificate and other necessary paperwork, it releases the funds to the named person and typically closes the account. TOD and POD accounts bypass the probate process, streamlining asset distribution. [2]

Joint Accounts and Survivorship Clauses

Many joint bank accounts have rights of survivorship. When one account holder dies, the other becomes full owner and can continue using the account and its assets without disruption. If the joint account does not have rights of survivorship, the deceased’s share of the account may go through probate for distribution according to their will or state succession laws. [3]

The Legal Process of Distributing Bank Accounts After Death

Survivorship clauses and TOD or POD designations simplify the distribution process, but what happens to a bank account when someone dies without a beneficiary? 

In this case, the assets go through the probate process, which may typically involve the following steps: [4]

  • Initiating probate : The executor or another interested party files a Petition for Probate of Will and other state-required documents to initiate the probate process.
  • Appointing the executor/administrator : The court officially appoints the executor (named in the will) or an administrator (if no will exists) to oversee the estate’s distribution.
  • Inventorying assets : The executor/administrator takes inventory of all estate assets — including bank accounts — that do not have a direct transfer mechanism.
  • Paying debts and taxes : The executor/administrator settles all the estate’s debts, such as taxes and bills, from the estate assets.
  • Distributing remaining assets : After all debts are paid, any remaining assets are distributed according to the will or state law.
  • Closing the estate : Once all assets are distributed, the executor/administrator petitions the court to close the estate.

Joint Account Holder With Right of Survivorship

Joint account holders with rights of survivorship can typically receive full access to the account by presenting a certified copy of the death certificate. Some banks may also require additional paperwork. Once the change is processed, the bank removes the deceased’s name from the account, giving the remaining owner full access.

Joint Account Authorized Signer

Unlike a joint account holder, authorized signers do not have ownership claims over the funds in the account. Upon the account holder’s death, authorized signers typically lose access to the account unless they are also named beneficiaries or can claim the account through another legal process.

Individual Account With TOD or POD

The named beneficiary on an account with a TOD or POD designation will likely need to present a certified death certificate, valid identification, and a completed claim form. Some banks may also require additional documentation to establish the beneficiary's claim on the account. Once the bank has verified the documentation, the funds are typically released to the beneficiary.

Handling Debts and Obligations

After an individual dies, the estate is responsible for their outstanding debts, including mortgages, loans, utility bills, and other financial obligations, such as taxes and funeral costs. An executor or administrator is responsible for paying the outstanding debts from the estate [5] . Typically, bank accounts are the most liquid source of funds.

The executor or administrator may wish to open a separate bank account owned by the estate and transfer funds from the deceased’s probated bank accounts to the estate account. This may be helpful to track estate-related transactions and provide a clear record to beneficiaries and creditors.

Seeking Advice and Assistance 

Whether settling someone's estate or looking to get your affairs in order, consider seeking professional assistance, particularly if you have a large estate or complex situation. Legal advice can help you understand the complexities of estate law and ensure your estate plan is up-to-date and legally sound.

A legal professional can also provide strategies to minimize taxes and ensure your beneficiaries receive their intended inheritance with as little inconvenience as possible.

Additionally, many financial institutions offer estate services designed to assist executors and administrators in managing and transferring assets. These services can include help with opening estate accounts, guidance on fulfilling the deceased's financial obligations, and support for distributing assets to beneficiaries. Engaging with these services early on can streamline the estate management process, reduce the likelihood of disputes, and ensure compliance with all legal requirements.

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Important Legal Disclosures and Information

1. Guidelines for Individual Executors & Trustees, American Bar Association, https://www.americanbar.org/groups/real_property_trust_estate/resources/estate-planning/guidelines-individual-executors-trustees/  

2. Pitfalls of Pay on Death (POD) Accounts, The American College of Trust and Estate Counsel, https://www.actec.org/resource-center/video/pitfalls-of-pay-on-death-accounts-pod

3. I have a joint account with someone who died. What happens now?, August 28, 2020, Consumer Financial Protection Bureau, https://www.consumerfinance.gov/ask-cfpb/i-have-a-joint-account-with-someone-who-died-what-happens-now-en-1101/

4. What is Probate Court? 8 Steps to Probating a Will, Executor.org, https://executor.org/probate-court/

5. Who Is Responsible for Debt After Death of a Relative?, January 29, 2024, Debt.org, https://www.debt.org/advice/deceased-relatives/

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These articles are for general information purposes only and are not intended to provide legal, tax, accounting or financial advice. PNC urges its customers to do independent research and to consult with financial and legal professionals before making any financial decisions. This site may provide reference to Internet sites as a convenience to our readers. While PNC endeavors to provide resources that are reputable and safe, we cannot be held responsible for the information, products or services obtained on such sites and will not be liable for any damages arising from your access to such sites. The content, accuracy, opinions expressed and links provided by these resources are not investigated, verified, monitored or endorsed by PNC.

Update: Supreme Court Revises Title VII’s Decades-Old “Adverse Employment Action” Standard for Discriminatory Transfers

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In January 2024, we reported on a significant case, Muldrow v. City of St. Louis, Missouri , No. 22-193, which was then pending before the United States Supreme Court. On April 17, 2024, the Court issued its decision in this case and, in doing so, modified the standard required to prove employment discrimination under Title VII of the Civil Rights Act of 1964 with respect to job transfers. See Muldrow v. City of St. Louis, Missouri , 601 U.S. —, 144 S. Ct. 967 (2024).

The Muldrow Ruling

Prior to Muldrow , for a Plaintiff to make out a Title VII discrimination claim based on an alleged discriminatory job transfer, the Plaintiff was required to show that the transfer resulted in some sort of material, objective, or tangible harm to the Plaintiff.

In Muldrow , the Court rejected this notion. The Court’s opinion reiterated the familiar principle that “to make out a Title VII discrimination claim [in the job transfer context], a transferee must show some harm respecting an identifiable term or condition of employment.” However, the Court ruled, a “transferee does not have to show . . . that the harm incurred was “significant[,]” serious, or substantial, or any similar adjective suggesting that the disadvantage to the employee must exceed a heightened bar.”

Notably, the Court did not wholesale adopt Muldrow’s argument that the fact of a transfer alone constitutes discrimination. Rather, the Court reasoned that, to be actionable under Title VII, a “transfer must have left [the Plaintiff] worse off, but need not have left [the Plaintiff] significantly so.” Consequently, a Plaintiff must still show some harm, but need not prove that the identified harm was “significant,” “substantial,” or “material.”

The Supreme Court’s April 2024 decision in Muldrow marks a significant departure from the definition of “adverse employment action” that has been in place for nearly 30 years. When considering employee job transfers, employers should therefore be mindful of the fact that such transfers could potentially be found to constitute adverse employment actions that support an employment discrimination claim. Accordingly, when transferring workers, employers should take steps to articulate and document the business reasons for such transfers, just as they would do with employment terminations.

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McKenzie L. Ahmet

Related insights, five things on the department of labor’s radar for employee benefit plans, navigating the rock & the hard place: conflicting federal and state mandates for lgbtq employees, eeoc’s new harassment enforcement guidelines: a good primer for addressing workplace harassment and retaliation.

60 Community College Students Awarded Transfer Scholarships to Attend Four-Year Institutions

Jack Kent Cooke Foundation announces its 2024 selection of outstanding community college students for competitive transfer scholarship A group of last year’s Cooke Undergraduate Transfer Scholars pose together at the annual Scholars Weekend conference in 2023.

Lansdowne, VA — Today, the Jack Kent Cooke Foundation has announced the selection of 60 community college students as recipients of the Cooke Undergraduate Transfer Scholarship. This highly competitive award allows students to complete their undergraduate degrees at four-year institutions with minimal financial burden. 

According to Community College Research Center research , transfer pathways from community colleges are a significant contributor to enrollment and diversity at four-year institutions. However, a lack of scholarship opportunities for transfer students, as well as other obstacles like losing credits during the transfer process, continue to keep bachelor’s degree completion rates low.

“Community college students remain far too underrepresented at our nation’s top institutions, despite clear research demonstrating their success once they arrive. Our scholarship is one way we aim to ensure that high-achieving students have the opportunity to complete their degree where they want, regardless of their financial background,” said Seppy Basili, executive director of the Cooke Foundation.

One objective of the scholarship is to give Scholars the opportunity to graduate with as little debt as possible.  The award, which is last dollar funding after all other institutional aid, can provide as much as $55,000 a year.  In addition to the financial support, Cooke Transfer Scholars receive comprehensive educational advising – guidance that is crucial for navigating their transition to four-year colleges and planning their career paths. Cooke Scholars also benefit from access to internship opportunities, study abroad and graduate school funding, as well as a dynamic network of over 3,000 Cooke Scholars and Alumni. 

This year’s application saw nearly 1,700 applications from over 380 community colleges. Applicants were evaluated on their academic prowess, financial need, and leadership qualities. A complete list of the 2024 Cooke Transfer Scholars and their respective community colleges is below.

Matthew Collins – Mesa Community College Daniela Escalante – Cochise College Maya Lee – Phoenix College

Joseph Awad – Mount San Jacinto College Husna Ayoubi – San Diego Mesa College Celina Lourdes Buncayo – Skyline College Marilyn Chavez – West Los Angeles College Evi de Bois – Feather River College Kevin Duenas Ortiz – Long Beach City College Sierra Elbert – Sierra College Princess Johanna Eusantos – Skyline College Thet Mon Kyaw – Skyline College Oscar Lopez – West Los Angeles College Jose Ocampo Gomez – Los Angeles City College Thu Phung – Orange Coast College Gavin Pirtle – Los Medanos College McCay Ruddick – Cabrillo College Caris Sandino – Mount San Jacinto College Theint Theint Thu – American River College Diego Victoria – Irvine Valley College

Vatey Ouy – Front Range Community College

Connecticut

Carla Galaise – Northwestern Connecticut Community College

Velourde Borgella – Miami Dade College Maria Cardenas – Miami Dade College Javi Cunat – Miami Dade College Larry Fordham – Miami Dade College

Min Khant Zaw – Perimeter College

Yehuda Goldbloom – City Colleges of Chicago: Wilbur Wright College Juan Munoz – City Colleges of Chicago: Wilbur Wright College Krishon Pinkins – Arrupe College of Loyola University Chicago

Nikita McNamee – Marshalltown Community College

Gamauri Spencer – Community College of Baltimore County

Tara Huskey – Grand Rapids Community College Soliman Touelh – Henry Ford College

Mississippi

Frederick Cook – Mississippi Gulf Coast Community College William Paulk – Mississippi Gulf Coast Community College Ashleigh Pierce – Mississippi Gulf Coast Community College

Ricardo Santana – Bergen Community College Nima Sedghi – Middlesex County College

Tessa Folks – Southeast New Mexico College

Joseph Gonzalez – Suffolk County Community College Dan Lin – City University of New York: Borough of Manhattan Community College Carolina Mendoza – Westchester Community College

North Carolina

Monisha Pirela – Central Piedmont Community College

Kris Reid – Clatsop Community College

Pennsylvania

Marie Victoire Alexis – Lehigh Carbon Community College David Emdin – Community College of Philadelphia My Ly – Montgomery County Community College

Leo Phillips – Northeast State Community College

Avwerosuoghene Etaghene – Houston Community College System Tam Ho – Tarrant County College Jersey Johnson – Collin County Community College District Alexis Lopez – Lone Star College System

Catherine Ercilla – Northern Virginia Community College Judy Marouf – Northern Virginia Community College Michael Mason – Richard Bland College Daniel Son – Brightpoint Community College

Yosef Birri – South Seattle College

Grace Zongo – Madison Area Technical College

The Jack Kent Cooke Foundation is dedicated to advancing the education of exceptionally promising students who have financial need. Since 2000, the Foundation has awarded almost $282 million in scholarships to more than 3,300 students from 8th grade through graduate school, along with comprehensive educational advising and other support services. The Foundation has also provided $133 million in grants to organizations that serve such students. www.jkcf.org

Media Contact: Julia Florence, [email protected]

Michigan lands cornerback transfer Ricky Johnson

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Michigan added its fourth transfer to the defensive secondary in three days with the addition of UNLV cornerback Ricky Johnson. Johnson, who had originally pledged to Washington State late last month, announced his commitment to the Wolverines on Saturday.

Albany cornerback Aamir Hall committed to Michigan on Thursday, while safety Wesley Walker, who played at Tennessee and was briefly with Louisville, committed Friday along with former Michigan State safety Jaden Mangham.

Johnson has two years of eligibility and last season had 36 tackles, including three for loss. He also had seven pass breakups. He was limited in 2022 after an injury and only played three games with two starts.

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Men’s basketball fills last scholarship, adds Kansas State transfer Dai Dai Ames

Ames joins the cavaliers after a lone season with the wildcats.

<p>Ames averaged 5.2 points per game for Kansas State during his freshman season in 2023-24.</p>

Ames averaged 5.2 points per game for Kansas State during his freshman season in 2023-24.

Virginia men’s basketball picked up its fifth transfer of the offseason Wednesday afternoon as former Kansas State freshman guard Dai Dai Ames announced his commitment to the Cavaliers. Ames claims Virginia’s final scholarship spot and will have three years of eligibility remaining, having only played one year in Manhattan, Kan. before entering the transfer portal in April. 

The 6-foot-1 guard attended Kenwood Academy High School in Chicago and was the No. 83 ranked player in the 2023 class before committing to the Wildcats. Ames appeared in 31 games for Kansas State last season, starting in just over half of them while averaging 5.2 points and two assists per game.

Ames will be a key piece for Coach Tony Bennett next season, providing an offensive surge that the Cavaliers’ collective guard group lacked in 2023-24. He scored in double figures eight times during his freshman campaign, displaying a burst off the dribble that makes him difficult to defend when paired with his ability to knock down perimeter shots — over 40 percent of his made field goals came from beyond the arc.

While efficiency struggles emerged as the freshman adjusted to the college game — he shot just 35.3 percent from the field and 32.9 percent from three-point range for the season — Ames got better with experience. In his final 16 games, the guard’s shooting splits ballooned to 46.3 percent from the field and 45.5 percent on three-pointers as he got his feet under him. Percentages anywhere near those would be welcomed for a Cavalier offense that is looking to reignite itself in 2024-25 — a task that Virginia’s new addition will surely play a role in completing. 

Ames is joining a backcourt that appears wide open in regards to playing time for the upcoming season. Sophomore guard Isaac McKneely figures to be a starter for Bennett, but besides him there remains a flurry of uncertainty about who will enter the starting five. Junior guard Jalen Warley transferred from Florida State earlier this month, while returning players like junior guard Taine Murray, sophomore guard Andrew Rohde and freshmen guards Elijah Gertrude and Christian Bliss will also be battling for minutes. Ames’ role could end up anywhere from a locked-in starter to a limited bench piece — the next few months will determine where on that spectrum he falls when November comes around.

When it went in, Cormier raised two arms in the air and looked toward his teammates and the stands.

Payton Cormier breaks Division I goals record

Cormier has forever cemented his legacy as one of the greatest lacrosse players in NCAA history.

Fortunately for the Cavaliers, a second-place finish was more than enough to secure a spot in Friday’s season-culminating event at the Omni La Costa Resort &amp; Spa.

Cavaliers advance to NCAA Championship with second place finish at Baton Rouge Regional

Virginia will head to the National Championship in Carlsbad, Calif., with a chance to make history.

Reece Beekman and Coach Tony Bennett embrace on Senior Day, Beekman’s final game at John Paul Jones Arena.

Thank you, Reece Beekman

Beekman will leave Charlottesville as the program's all-time leader in steals. 

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Fourth-year bodo’s orders — creative or catastrophic, parting shot: does this even matter, u.va. alumni association submits plans for new alumni hall building, what i will miss most about u.va., latest podcast.

Today, we sit down with both the president and treasurer of the Virginia women's club basketball team to discuss everything from making free throws to recent increased viewership in women's basketball. 

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How long will it take to pay off $30,000 in credit card debt?

By Angelica Leicht

Edited By Matt Richardson

May 14, 2024 / 1:52 PM EDT / CBS News

credit card and money, credit card putted on dollars.

Carrying around a heavy burden of credit card debt can feel suffocating, especially in the current economic climate. After all, the ongoing inflationary issues we're facing have led the Federal Reserve to keep rates paused at a 23-year high , meaning that annual percentage rates (APRs) on credit cards are much higher than they were just a few years ago. In fact, the average credit card APR is currently 21.59%, according to Federal Reserve data . 

With credit card rates that high, every missed or minimum payment you make causes compounding interest charges to spiral. In turn, digging your way out of a high card balance requires persistence — and in many cases, it also requires you to utilize strategies beyond just making standard payments. 

That compounding credit card interest means that it can also take a lot of time to pay off what you owe, whether your balance is $5,000 or $50,000. But how long will it take to pay off $30,000 in credit card debt at today's average rate? Let's find out. 

Find out how a debt relief company can help you tackle what you owe . 

Let's look at some payoff scenarios for $30,000 in credit card debt at 21.59% interest:

The minimum payment approach

If you only make the minimum payment each month, it will take about 460 months, or about 38 years, to pay off that $30,000 balance. And, you'll pay a staggering $54,359.80 in interest charges along the way, which means the interest you pay will be well above the original principal balance you started with.

Paying 2.5% of the balance (with interest)

If you opt to pay 2.5% of the balance each month on a $30,000 credit card bill, it will take 658 months, or about 55 years, to pay off your balance. And, you'll pay $81,340.93 in total interest charges over that time, which is about 2.5 times the amount of your original balance.

Paying 5.0% of the balance (with interest)

If you're able to pay about 5% of the balance each month on a $30,000 credit card bill, it will take 169 months, or about 14 years, to pay off your balance. You'll also pay $17,271.80 in total interest charges over the 14-year time frame.

Learn more about what your top debt relief options are now .

How to pay off $30,000 in credit card debt quickly

The more you can dedicate monthly to paying down your credit card balances , the faster you'll get out of debt and the less you'll pay in interest charges over the long run. Of course, committing to payments of thousands of dollars per month may not be feasible for everyone's budget. 

So what other options can help expedite getting out from under $30,000 in credit card debt? Here are some potential strategies to consider:

Use a debt consolidation loan

With a debt consolidation loan , you take out a new fixed-rate loan to pay off all your credit card balances. This consolidates multiple payments into one, ideally at a lower interest rate than you were paying on credit cards. For example, a 5-year, $30,000 loan at 10% interest would have a monthly payment of about $637 and you'd pay about $8,245 in total interest.

Enroll in a debt consolidation program

Similar to a debt consolidation loan, a debt consolidation program consolidates your debts with a lower-rate loan. These loans and programs are typically offered by debt relief companies and can be a smart way to pay off large card balances, but you'll typically need a high credit score and a solid borrower profile to qualify.

Take advantage of a debt management plan

With a debt management plan through a debt relief agency, the experts at the company will try to negotiate lower interest rates and fees with your creditors on your behalf. You then make a single payment to the debt relief agency, which disperses funds to your creditors. 

Opt for debt settlement

A debt settlement program aims to negotiate lump sum payoffs for less than the full balance owed through professional negotiation. These programs are typically offered by debt relief companies and can make it easier and faster to pay off high balances on your credit card. However, this option requires you to show financial hardship and can damage your credit score. The settled debt is also considered taxable income.

Use a balance transfer card

Some borrowers may qualify for a 0% or low APR balance transfer credit card promotion, which allows you to transfer your credit card balances and avoid interest for a specific period of time. This lets you aggressively pay down principal balances without the extra interest charges.

The bottom line

If you're just paying the minimum on a $30,000 credit card balance each month, it can take many years to pay off what you owe — and at today's average credit card rate, the interest charges can easily outweigh the original balance. Ultimately, the key to paying off high-balance credit card debt as quickly as possible is consistently paying more than the minimum due each month and potentially utilizing strategies to reduce the interest rates being charged. After all, the faster that balance can be paid down, the less you'll pay in total interest.

Angelica Leicht is senior editor for CBS' Moneywatch: Managing Your Money, where she writes and edits articles on a range of personal finance topics. Angelica previously held editing roles at The Simple Dollar, Interest, HousingWire and other financial publications.

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  29. How long will it take to pay off $30,000 in credit card debt?

    Paying 2.5% of the balance (with interest) If you opt to pay 2.5% of the balance each month on a $30,000 credit card bill, it will take 658 months, or about 55 years, to pay off your balance. And ...