This form is a Warranty Deed where the grantor(s) retains a life estate in the described property.
Tennessee Warranty Deed for Parents to Child with Reservation of Life Estate
Category:
State:
Tennessee
Control #:
TN-SDEED-2
Format:
Word;
Rich Text
Instant download
Description Tennessee Life Estate Deed
Free preview Life Estate Deed Tennessee
How to fill out Tennessee Warranty Deed For Parents To Child With Reservation Of Life Estate?
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FAQ
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.
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.
What happens to a life estate after someone dies? Upon the life tenant's death, the property passes to the remainder owner outside of probate.They can sell the property or move into and claim it as their primary residence (homestead). Property taxes will not be reassessed.
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.
A life estate deed allows you to transfer property while reserving an interest during your lifetime or during the lifetime of someone else. Once the person who holds the life estate passes away, the Grantee fully owns 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.
Reservation of the present interest allows the owner to retain ownership for a period of time measured by the life of one or more individuals, by a term of years, or by a combination of the two.
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.