Miami-Dade Florida Warranty Deed for Parent to Child Reserving Life Estates to Parent is a legal document that transfers ownership of a property from a parent to their child while reserving certain rights for the parent, specifically a life estate. This type of deed ensures that the parent retains the right to live in the property for the duration of their lifetime. In Miami-Dade County, there are various types of Warranty Deeds that can be used for this purpose, each serving different needs and circumstances. Some commonly used types include: 1. Enhanced Life Estate Deed: Also known as a "Lady Bird Deed," this type of Warranty Deed in Miami-Dade County allows the parent to retain both the life estate and the ability to sell or mortgage the property without the child's consent. Upon the parent's death, the property automatically passes to the child, bypassing probate. 2. Life Estate Deed: This type of Warranty Deed grants the parent the right to live in the property until their death, after which the ownership transfers to the child. The parent has the freedom to sell, gift, or mortgage the property during their lifetime but cannot do so once they pass away. 3. Joint Tenancy with Right of Survivorship: In this type of Warranty Deed, both the parent and the child are listed as joint owners of the property. Upon the parent's death, the child becomes the sole owner of the property automatically. This type of deed avoids the need for probate. 4. Tenancy in Common: This type of Warranty Deed allows the parent and the child to own different shares of the property. Each party can sell or transfer their shares independently. In the event of the parent's death, their share will be transferred according to their will or intestate laws. It is crucial to consult with a legal professional experienced in real estate law and estate planning to identify the most appropriate type of Warranty Deed for your specific situation. The chosen deed should align with your goals and facilitate a smooth property transfer process while ensuring the parent's rights and the child's future ownership are protected.
Miami-Dade Florida Warranty Deed for Parent to Child Reserving Life Estates to Parent
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