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.
A San Jose California Enhanced Life Estate or Lady Bird Quitclaim Deed is a legal document used to transfer real estate ownership from one individual (granter) to three individuals (grantees). This type of deed is prevalent in San Jose, California, and is named after Lady Bird Johnson, wife of former U.S. President Lyndon B. Johnson, who used this type of deed to transfer property to her children. An Enhanced Life Estate Deed, also known as a Lady Bird Deed, is a special form of a quitclaim deed that grants the granter a life estate in the property while also designating the three grantees as remainder beneficiaries, who will inherit the property upon the granter's death. This unique feature allows the granter to retain full control of the property during their lifetime, with the ability to sell, mortgage, or transfer the property without the consent of the grantees. This type of deed has various benefits for the granter, including the avoidance of probate, as the property automatically passes to the grantees upon the granter's death. It also allows the granter to maintain control over the property and receive any potential income generated from it during their lifetime. The grantees, on the other hand, receive a vested interest in the property as remainder beneficiaries but have no legal rights or control over the property until the granter's death. There may be different variations or types of Enhanced Life Estate or Lady Bird Quitclaim Deeds depending on the specific language and provisions included in the document. Some variations may include specific terms regarding the granter's right to sell or mortgage the property during their lifetime, the distribution of proceeds, or any conditions that need to be met for the grantees to inherit the property. It is important for the parties involved to carefully review the terms of the deed and seek legal advice to ensure their interests are protected and the deed complies with applicable laws in San Jose, California.
