This form is a Quitclaim Deed with a retained Enhanced Life Estate where the Grantor is an individual and the Grantees are three individuals. Grantor conveys the property to Grantees subject to an enhanced retained life estate. The Grantor retains the right to sell, encumber, mortgage or otherwise impair the interest Grantees might receive in the future, without joinder or notice to Grantees, with the exception of the right to transfer the property by will. Grantees are required to survive the Grantor in order to receive the real property. This deed complies with all state statutory laws.
Costa Mesa California Enhanced Life Estate or Lady Bird Quitclaim Deed is a legal instrument used to transfer ownership of a property from one individual to three individuals, while allowing the original owner to retain the right to live in the property for the duration of their life. This type of deed offers several benefits and is subject to specific requirements under California law. Enhanced Life Estate, also known as an "Enhanced" or "Enhanced Lady Bird" deed, is a variation of the traditional Lady Bird Quitclaim Deed. In this deed, the Granter (original owner) transfers the property to the Grantees (the three individuals) with the retained right of a life estate. This means that the Granter maintains the right to occupy and use the property as their primary residence for the rest of their life. By utilizing a Costa Mesa California Enhanced Life Estate or Lady Bird Quitclaim Deed, the Granter ensures a smooth transfer of the property to their chosen heirs while avoiding probate proceedings. Here are a few important aspects of this type of deed: 1. Retained Right to Live in the Property: The Granter retains the right to live in the property for the duration of their life, without any disruption or interference from the Grantees. 2. Avoiding Probate: Upon the Granter's passing, the property automatically passes to the Grantees without the need for probate, eliminating the associated costs and delays. 3. Flexibility in Property Ownership: The Grantees have an immediate ownership interest in the property, ensuring a seamless transition of ownership upon the Granter's death. 4. Reducing Property Tax Reassessment: Under Proposition 13 in California, this type of deed allows the original owner to transfer the property without triggering a reassessment of property taxes. 5. Maintaining Control: The Granter reserves the right to sell, mortgage, or even revoke the deed during their lifetime, ensuring they retain control over the property. It is essential to consult with a qualified attorney when considering a Costa Mesa California Enhanced Life Estate or Lady Bird Quitclaim Deed, as there may be specific legal requirements and potential tax implications associated with such transfers. By understanding the options available and the specific needs of the parties involved, individuals can make the most informed decisions regarding their property ownership.
