This form is a Warranty Deed where the grantor is an individual and the grantees are six individuals who are grantor's children. Grantor conveys and warrants the described property to the grantees subject to a retained life estate. Grantees take the property as tenants in common or as joint tenants with the right of survivorship. This deed complies with all state statutory laws.
Maine Warranty Deed from Parent to Six Children with Reserved Life Estate
Category:
State:
Maine
Control #:
ME-SDEED-9-8
Format:
Word;
Rich Text
Instant download
Description Life Estate Deed Maine
Free preview Warranty Deed Form Maine
How to fill out Maine Warranty Deed From Parent To Six Children With Reserved Life Estate?
Have any template from 85,000 legal documents such as Maine Warranty Deed from Parent to Six Children with Reserved Life Estate online with US Legal Forms. Every template is prepared and updated by state-licensed lawyers.
If you have a subscription, log in. Once you are on the form’s page, click on the Download button and go to My Forms to access it.
If you haven’t subscribed yet, follow the steps listed below:
- Check the state-specific requirements for the Maine Warranty Deed from Parent to Six Children with Reserved Life Estate you need to use.
- Read through description and preview the template.
- Once you’re sure the sample is what you need, click Buy Now.
- Select a subscription plan that works well for your budget.
- Create a personal account.
- Pay out in one of two suitable ways: by card or via PayPal.
- Choose a format to download the file in; two ways are available (PDF or Word).
- Download the file to the My Forms tab.
- When your reusable form is ready, print it out or save it to your gadget.
With US Legal Forms, you’ll always have instant access to the proper downloadable template. The platform will give you access to forms and divides them into categories to simplify your search. Use US Legal Forms to get your Maine Warranty Deed from Parent to Six Children with Reserved Life Estate easy and fast.
Example Of Life Estate Deed Form popularity
Life Estate Deed Example Other Form Names
Maine Warranty Deed
Life Estate Maine
FAQ
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.
Let's start with the definition of a deed: DEED: A written instrument by which one party, the Grantor, conveys the title of ownership in property to another party, the Grantee. A Warranty Deed contains promises, called covenants, that the Grantor makes to the Grantee.
A warranty deed guarantees that: The grantor is the rightful owner of the property and has the legal right to transfer the title.The title would withstand third-party claims to ownership of the property. The grantor will do anything to ensure the grantee's title to the property.
Typically, the lender will provide you with a copy of the deed of trust after the closing. The original warranty deeds are often mailed to the grantee after they are recorded. These are your original copies and should be kept in a safe place, such as a fireproof lockbox or a safe deposit box at a financial institution.
This life estate deed is a document that transfers ownership of real property, while reserving access and use of the property for the duration of the grantor's life. It allows the original owner (grantor) to remain on the premises with full access to and benefits from the property.
It's important to note that a warranty deed does not actually prove the grantor has ownership (a title search is the best way to prove that), but it is a promise by the grantor that they are transferring ownership and if it turns out they don't actually own the property, the grantor will be responsible for compensating
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.
Fill out the "grantor" section of the warranty deed. The grantors are the givers, or current owners, of the property. Use the legal name of each grantor and insert current addresses after each grantor's name.