This form is a Condominium Unit Quitclaim Deed transferring a life estate where the Grantors are Husband and Wife, or two Individuals and the Grantee is an Individual. Grantors convey and quitclaim the described property interest to Grantee. This deed complies with all state statutory laws.
Massachusetts Condominium Unit Quitclaim Deed - Life Estate from Husband and Wife, or Two Grantors, to an Individual with Remainder to Grantors.
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State:
Massachusetts
Control #:
MA-026-77
Format:
Word;
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How to fill out Massachusetts Condominium Unit Quitclaim Deed - Life Estate From Husband And Wife, Or Two Grantors, To An Individual With Remainder To Grantors.?
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FAQ
The life estate can not be revoked. Your mom would have to sign a deed to end the life estate and if she is incompetent, as you state, then she does not have the capacity to sign the deed.
To accomplish this, you need to have the life estate deed that shows you have the right to own the property after the life estate holder dies. Using the information in this deed, along with the deceased's death certificate, you can prepare and record the required title transfer document to clear title.
A person owns property in a life estate only throughout their lifetime. Beneficiaries cannot sell property in a life estate before the beneficiary's death. One benefit of a life estate is that property can pass when the life tenant dies without being part of the tenant's estate.
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 date the deed was made; The name of the party granting the life estate and their address; The name of the grantee and their address; The address and a legal description of the property that is subject to the life estate;
A person owns property in a life estate only throughout their lifetime. Beneficiaries cannot sell property in a life estate before the beneficiary's death. One benefit of a life estate is that property can pass when the life tenant dies without being part of the tenant's estate.
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.
Pursuant to ' 2036(a) of the IRC, the transfer of a residence with a retained life estate permits the transferee of the residence to receive a full step up in his or her cost basis in the premises upon the death of the transferor, to its fair market value on the transferor's date of death.