A transfer on death deed:
1. Essential elements and formalities. Except as otherwise provided in subsection 2, must contain the essential elements and formalities of a properly recordable inter vivos deed;
2. Death of transferor. Must state that the transfer to the designated beneficiary is to occur at the transferor's death; and
3. Recorded before transferor's death. Must be recorded before the transferor's death in the public records in the registry of deeds in the county where the property is located.