This form is a Quitclaim Deed where the grantors are three individuals and the grantees are two individuals holding title as tenants in common.
Keywords: Orange California Quitclaim Deed, Three Individuals, Two Individuals, Tenants in Common Description: An Orange California Quitclaim Deed for Three Individuals to Two Individuals as Tenants in Common is a legal document used to transfer ownership of a property located in Orange, California. This type of deed is specifically designed for situations where three individuals are transferring their interest in a property to only two individuals, who will hold the property as tenants in common. In a quitclaim deed, the sellers, referred to as the granters, are transferring their ownership interest in the property to the buyers, known as the grantees. Unlike a warranty deed, a quitclaim deed does not make any guarantees about the ownership or condition of the property. It simply transfers whatever interest the granters have to the grantees. The use of "Tenants in Common" indicates that the two individuals who will receive the property will hold equal ownership rights and interests as co-tenants. They will have the right to occupy and use the property in its entirety, and each will possess a legally distinct and separate share of the property. In the event of one tenant's death, their share will be passed on to their heirs or beneficiaries, rather than automatically transferring to the surviving tenant. It's important to note that there may be variations or specific types of Orange California Quitclaim Deed for Three Individuals to Two Individuals as Tenants in Common, such as: 1. Enhanced Life Estate Deed: This type of quitclaim deed, also known as a "Lady Bird Deed," allows the granters (three individuals) to retain the right to live on the property for the duration of their lifetimes. Upon their death, the property automatically passes to the two individuals as tenants in common. 2. Joint Tenancy with Rights of Survivorship: In this type of quitclaim deed, the granters transfer the property to the grantees as joint tenants. This means that upon the death of one tenant, their share will be automatically inherited by the surviving tenant(s), rather than passing on to their heirs or beneficiaries. 3. Fractional Interest Deed: This variant of the quitclaim deed allows the three individuals to divide their ownership interests into fractional shares. Each individual's share will be clearly stated in the deed, and they will hold their respective interests as tenants in common. It's advisable to consult with a qualified real estate attorney or legal professional to understand the specific requirements and implications of each type of quitclaim deed before proceeding with any property transfer process.
