This form is a warranty deed from parents to child with a reservation of a life estate in the parents. The form allows the grantors to convey property to the grantee, while maintaining an interest in the property during the lifetime of the grantors.
A Palm Bay Florida Warranty Deed to Child Reserving a Life Estate in the Parents is a legal document granting a child ownership rights to a property while reserving a life estate for the parents. This type of deed ensures that the child receives the property upon the parents' passing, while allowing the parents to maintain the right to occupy and enjoy the property during their lifetime. It is commonly used as an estate planning tool to transfer property to the next generation while providing for the parents' care and use of the property. Keywords: Palm Bay Florida, warranty deed, child, life estate, parents, ownership rights, property, passing, occupy, enjoy, lifetime, estate planning, transfer, next generation, care, use. Different types of Palm Bay Florida Warranty Deeds to Child Reserving a Life Estate in the Parents may include: 1. Joint Tenancy with Right of Survivorship: In this type of deed, the child and parents both have joint ownership rights, but upon the parents' passing, the child becomes the sole owner of the property. 2. Tenancy in Common: With this deed, the property is divided into separate shares, allowing the child and parents to each have a specific portion of ownership. Upon the parents' passing, their share can be passed on according to their will. 3. Enhanced Life Estate Deed (Lady Bird Deed): This type of deed allows the parents to retain control of the property during their lifetime, including the ability to sell or mortgage it, while also giving the child the right to inherit the property outside of probate upon the parents' passing. 4. Irrevocable Life Estate Deed: This deed grants the child ownership rights to the property, while the parents have limited rights to use and enjoy the property during their lifetime. Once the deed is executed, it becomes irrevocable and cannot be changed. 5. Life Estate Deed with Reserved Power: With this type of deed, the parents retain the right to sell or mortgage the property without the child's consent. However, upon the parents' passing, the property transfers solely to the child. Keywords: Joint Tenancy with Right of Survivorship, Tenancy in Common, Enhanced Life Estate Deed, Lady Bird Deed, Irrevocable Life Estate Deed, Life Estate Deed with Reserved Power, ownership rights, passing, sole owner, divided shares, will, control, probate, execute, irrevocable, limited rights, executed
