This form is a Warranty Deed with a retained Enhanced Life Estate where the Grantor is an individual and the Grantee Beneficiaries are two individuals. Grantor conveys the property to Grantees subject to an enhanced retained life estate. The Grantor retains the right to sell, encumber, mortgage or otherwise impair the interest Grantees might receive in the future, without joinder or notice to Grantees, with the exception of the right to transfer the property by will. This deed complies with all state statutory laws.
Queens New York Enhanced Life Estate or Lady Bird Warranty Deed from Individual to two Individuals is a legal instrument used in real estate transactions to transfer property ownership from one person (the granter) to two individuals (the grantees). This type of deed provides unique benefits and rights for the grantees, ensuring a smooth transfer of ownership while allowing the granter to retain certain rights during their lifetime. Keywords: Queens New York, Enhanced Life Estate, Lady Bird Warranty Deed, Individual, two Individuals, property ownership, granter, grantees, transfer of ownership, rights, lifetime. There are two main types of Queens New York Enhanced Life Estate or Lady Bird Warranty Deeds from Individual to two Individuals: 1. Enhanced Life Estate Deed: This deed gives the granter the ability to transfer ownership of the property to two individuals while maintaining certain rights and privileges during their lifetime. The granter becomes the "life tenant" and retains the right to live in the property, receive rental income, and even sell the property without the consent of the grantees. The grantees, often family members, are referred to as the "remainder men" and have limited rights until the granter's death. Upon the granter's passing, the remainder men automatically become the full owners of the property, bypassing the need for probate. 2. Lady Bird Warranty Deed: Named after the former First Lady Bird Johnson who popularized this type of deed, it is a variation of the Enhanced Life Estate Deed. Similar to the Enhanced Life Estate Deed, the granter transfers ownership to two individuals, with one individual being the life tenant and the other being the remainder man. However, the Lady Bird Warranty Deed includes an additional provision that allows the granter to revoke or modify the terms of the deed during their lifetime. This flexibility distinguishes it from the traditional Enhanced Life Estate Deed. Queens New York Enhanced Life Estate or Lady Bird Warranty Deeds offer several advantages for both the granter and the grantees. These include avoiding probate, protecting the property from Medicaid liens, potential tax benefits, and allowing for a seamless transfer of ownership while still maintaining the granter's rights. It's crucial to consult with a qualified attorney and understand the specific legal requirements and implications before entering into such a deed.Queens New York Enhanced Life Estate or Lady Bird Warranty Deed from Individual to two Individuals is a legal instrument used in real estate transactions to transfer property ownership from one person (the granter) to two individuals (the grantees). This type of deed provides unique benefits and rights for the grantees, ensuring a smooth transfer of ownership while allowing the granter to retain certain rights during their lifetime. Keywords: Queens New York, Enhanced Life Estate, Lady Bird Warranty Deed, Individual, two Individuals, property ownership, granter, grantees, transfer of ownership, rights, lifetime. There are two main types of Queens New York Enhanced Life Estate or Lady Bird Warranty Deeds from Individual to two Individuals: 1. Enhanced Life Estate Deed: This deed gives the granter the ability to transfer ownership of the property to two individuals while maintaining certain rights and privileges during their lifetime. The granter becomes the "life tenant" and retains the right to live in the property, receive rental income, and even sell the property without the consent of the grantees. The grantees, often family members, are referred to as the "remainder men" and have limited rights until the granter's death. Upon the granter's passing, the remainder men automatically become the full owners of the property, bypassing the need for probate. 2. Lady Bird Warranty Deed: Named after the former First Lady Bird Johnson who popularized this type of deed, it is a variation of the Enhanced Life Estate Deed. Similar to the Enhanced Life Estate Deed, the granter transfers ownership to two individuals, with one individual being the life tenant and the other being the remainder man. However, the Lady Bird Warranty Deed includes an additional provision that allows the granter to revoke or modify the terms of the deed during their lifetime. This flexibility distinguishes it from the traditional Enhanced Life Estate Deed. Queens New York Enhanced Life Estate or Lady Bird Warranty Deeds offer several advantages for both the granter and the grantees. These include avoiding probate, protecting the property from Medicaid liens, potential tax benefits, and allowing for a seamless transfer of ownership while still maintaining the granter's rights. It's crucial to consult with a qualified attorney and understand the specific legal requirements and implications before entering into such a deed.
