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In Florida, a special warranty deed transfers title in fee simple to the grantee with warranties and covenants of title that are limited to only the acts of the grantor or that result from the acts of the grantor. A special warranty deed is a form of deed customarily used in commercial real property transactions.
A California Revocable Transfer-On-Death Deed does not take effect until the property owner dies.As long as the original owner is alive, he can revoke the transfer, sell the property, add or remove beneficiaries, and otherwise maintain complete control over the property.
A life estate deed permits the property owner to have full use of their property until their death, at which point the ownership of the property is automatically transferred to the beneficiary.
A life estate is usually property that has been acquired during the lifetime of a person with his or her ownership only lasting through the time he or she lives.This also means he or she cannot sell it, rent it or alter it until the life tenant passes on or leaves permanently.
An enhanced life estate deed is also known as a lady bird deed, or simply an enhanced deed. It is a specific type of legal document which enables a property owner to transfer their property to a named beneficiary upon their death.
Can a life estate deed be changed? It is challenging to modify or change a life estate deed. The grantor cannot change the life estate as he or she has no power to do so after creating the life estate deed unless all of the future tenants agree. It requires the permission or consent of every one of the beneficiaries.
A general warranty deed covers the property's entire history. It guarantees the property is free-and-clear from defects or encumbrances, no matter when they happened or under whose ownership.With a special warranty deed, the guarantee covers only the period when the seller held title to the property.
To dissolve a life estate, the life tenant can give their ownership interest to the remainderman. So, if a mother has a life estate and her son has the remainder, she can convey her interest to him, and he will then own the entire interest in the property.
The Florida enhanced life estate deed allows the estate holder to convey or mortgage the property without approval of the remainderman. This gives the property owner of the life estate flexibility during the owner's life.