This form is a Warranty Deed where the grantor(s) retains a life estate in the described property.
A Cincinnati Ohio Warranty Deed for Parents to Child with Reservation of Life Estate is a legal document used to transfer the ownership of a property from parents to their child, while reserving the parents' right to live on the property for the rest of their lives. This type of deed ensures that the child becomes the legal owner of the property upon the parents' passing, while also protecting the parents' rights to occupy the property during their lifetime. Here are different types of Cincinnati Ohio Warranty Deed for Parents to Child with Reservation of Life Estate: 1. Traditional Cincinnati Ohio Warranty Deed for Parents to Child with Reservation of Life Estate: This is the standard version of the deed that ensures the smooth transfer of ownership while providing the parents with the right to remain on the property until their death. 2. Enhanced Life Estate Deed: This type of deed, also known as a Lady Bird Deed, allows the parents to retain complete control over the property during their lifetime, including the ability to sell or mortgage it, without seeking the consent of the child. 3. Joint Tenancy with Right of Survivorship and Life Estate: Under this type of deed, the parents and child become joint owners of the property, and upon the death of either parent, the surviving owner automatically inherits the other's share. 4. Special Warranty Deed with Reserved Life Estate: This deed specifically warrants that the parents have not done anything to encumber the property during their ownership. It provides additional protection to the child by assuring a clear title. 5. Family Limited Partnership: This more complex structure involves setting up a partnership between parents and child, where the parents contribute the property as their stake. The child then manages the partnership, providing potential tax advantages and limited liability. In conclusion, a Cincinnati Ohio Warranty Deed for Parents to Child with Reservation of Life Estate is a legal document used to transfer property ownership from parents to their child while ensuring the parents' right to occupy the property during their lifetime. It is important to consult with an attorney to determine the most suitable type of deed for your specific situation and to ensure compliance with local laws and regulations.
