A warranty deed in Coral Springs, Florida is a legally binding document that transfers ownership of a property from three individuals to one individual, while also retaining life estates in two granters. This type of warranty deed ensures that the new owner receives a clear and marketable title to the property, free from any defects or claims. In this specific scenario, there are two different types of warranty deeds that can be used: a joint tenancy with right of survivorship and a tenancy in common. 1. Joint Tenancy with Right of Survivorship: When three individuals jointly own a property and one passes away, their ownership automatically transfers to the surviving owners. In this type of warranty deed, the two granters retain a life estate, which means they have the right to use and possess the property until their death. Upon their passing, ownership is automatically transferred to the individual who received the property. Keywords: Coral Springs, Florida, warranty deed, three individuals, one individual, retained life estates, joint tenancy with right of survivorship, ownership transfer, marketable title, defects, claims. 2. Tenancy in Common: Unlike joint tenancy, tenancy in common does not include the right of survivorship. In a warranty deed for three individuals to one individual with retained life estates, the two granters still retain a life estate, but upon their death, their ownership share doesn't automatically transfer to the other owners. Instead, it will be passed on according to their respective wills or estate plans. Keywords: Coral Springs, Florida, warranty deed, three individuals, one individual, retained life estates, tenancy in common, ownership transfer, marketable title, defects, claims. It is important to consult with a professional real estate attorney or title company in Coral Springs, Florida to ensure the appropriate type of warranty deed is chosen based on individual circumstances and preferences. They will guide you through the process and ensure compliance with local laws and regulations.
Coral Springs Florida Warranty Deed for Three Individuals to One Individual with Retained Life Estates in Two Grantors
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How to fill out Coral Springs Florida Warranty Deed For Three Individuals To One Individual With Retained Life Estates In Two Grantors?
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