This form is a Warranty Deed where the grantor is an individual and the five grantees are individuals. Grantor conveys and quitclaims the described property tothe grantees as tenants in common or as joint tenants with the right of survivorship. This transfer is subject to a retained life estate in Grantor. This deed complies with all state statutory laws.
A Detroit Michigan Quitclaim Deed — One Individual to Five Individuals Subject to Retained Life Estate is a legal document that transfers ownership of a property from one person (the granter) to five individuals (the grantees) while retaining a life estate for the granter. This type of deed is commonly used when an individual wants to transfer their property to multiple individuals while also ensuring that they have the right to live on and use the property for the remainder of their lifetime. In this specific scenario, the granter, who is an individual, is transferring ownership of the property to five different individuals, who will become the new owners, or grantees. However, the granter will retain a life estate, which grants them the right to live on and use the property until their death. This means that although the grantees become the owners of the property, they will not have full possession and control until the granter's death. The Detroit Michigan Quitclaim Deed — One Individual to Five Individuals Subject to Retained Life Estate ensures that each of the five grantees has an equal share in the ownership of the property. They will have the rights and responsibilities associated with property ownership, such as the ability to sell, lease, or mortgage their respective shares. It is important to note that there may be variations or similar types of the Detroit Michigan Quitclaim Deed — One Individual to Five Individuals Subject to Retained Life Estate, depending on the specific terms and conditions outlined in the deed. These variations may include different ratios of ownership between multiple grantees, additional conditions or restrictions on the granter's use of the property, or specific provisions for the distribution of the property upon the granter's death. In conclusion, the Detroit Michigan Quitclaim Deed — One Individual to Five Individuals Subject to Retained Life Estate is a legal document that allows for the transfer of property ownership from one individual to five individuals while ensuring the granter retains a life estate. This deed guarantees equal ownership rights among the grantees and provides a clear framework for the granter's use of the property until their death.
