This form is a Life Estate Deed where the Grantor is an individual and the Grantee is an Individual. Grantor conveys and warrants the described life estate to the Grantee. This deed complies with all state statutory laws.
Life Estate For Sale
Category:
State:
Oregon
Control #:
OR-033-78
Format:
Word;
PDF;
Rich Text
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Draft a life estate deed. Each state may have different requirements for a life estate to be valid.A life estate deed is a legal document used in real estate to grant ownership of property to an individual for the duration of their life. A life estate is a type of joint ownership that allows someone to live in their home during their lifetime and transfer it to a beneficiary upon their death. A life estate is a type of joint property ownership. A life estate is a legal way to own property with someone else and pass it on to them automatically when you die. Once a life estate has been established, the underlying residence can only be sold if the life estate holder and all other owners agree to the sale. In this in-depth video, I explore the intricacies of setting up a Life Estate or Right of Occupancy in the costly Bay Area housing market. When the property is sold before the life tenant dies, then there is no "stepup" in basis and capital gains are paid based on the original purchase price. As with most things in life, there are advantages and disadvantages to creating a life estate.