This deed, or deed-related form, is for use in property transactions in the designated state. This document, a sample Warranty Deed to Child - Reserving a Life Estate in the Parent(s), can be used in the transfer process or related task. Adapt the language to fit your circumstances. Available for download now in standard format(s). USLF control no. MI-021-77
A Grand Rapids Michigan Warranty Deed to Child Reserving a Life Estate in the Parents is a legal document that transfers property ownership from the parents to their child, while reserving a life estate for the parents. This means that the parents retain the right to use and occupy the property for the duration of their lives, even though they no longer technically own it. Keywords: Grand Rapids Michigan, Warranty Deed, Child, Reserving, Life Estate, Parents, Property ownership, Use and occupy. There can be different types of Grand Rapids Michigan Warranty Deeds to Child Reserving a Life Estate in the Parents, some of which include: 1. Outright Reserving Life Estate: In this type of deed, the parents transfer the property to their child, reserving a life estate for themselves. It grants the parents the right to live on the property until their death, after which ownership passes fully to the child. 2. Joint Tenancy with Rights of Survivorship: This type of warranty deed allows the child to co-own the property with the parents while reserving a life estate for them. If one parent passes away, the surviving parent and the child become joint owners. After the death of both parents, the child becomes the sole owner. 3. Tenancy in Common: This deed grants the child co-ownership of the property with the parents, but the parents only have a life estate interest. This means that upon the death of the parents, the child inherits their life estate, along with any other co-owners, if applicable. 4. Enhanced Life Estate Deed (Lady Bird Deed): A Lady Bird Deed allows the parents to transfer property to their child while reserving a life estate for themselves. Unlike other types of life estate deeds, the parents retain the right to sell, mortgage, or lease the property during their lifetime without the child's permission. 5. Remainder Interest Deed: In this case, the parents transfer the property to the child and reserve a life estate for themselves. However, upon their demise, the property automatically transfers to a designated third party, such as another family member or a charitable organization. It is important to consult with an attorney or legal professional to ensure that the correct and most appropriate warranty deed type is chosen for the specific circumstances and objectives involved.
