This form is a Special Warranty Deed where the Grantor is an individual and the Grantee is a corporation. Grantor conveys and specially warrants the described property to the Grantee subject to a reserved life estate. The Grantor only warrants and will defend the property only as to claims of persons claiming by, through or under Grantor, but not otherwise. This deed complies with all state statutory laws.
A Pittsburgh Pennsylvania Special Warranty Deed from an Individual to a Corporation with a Reserved Life Estate is a legal document that facilitates the transfer of property ownership from an individual (granter) to a corporation (grantee), while also reserving a life estate for the granter. This type of deed assures the corporation that while they receive ownership rights, the granter retains the right to live on the property for the duration of their lifetime. In Pittsburgh, there are two primary types of Special Warranty Deeds from an Individual to a Corporation with a Reserved Life Estate: the General Special Warranty Deed and the Limited Special Warranty Deed. 1. General Special Warranty Deed: This type of deed guarantees that the granter has the legal right to transfer the property to the corporation and warrants that the property is free from any claims or encumbrances that may arise during the time the granter held ownership. However, it only provides protection against defects or encumbrances that arose during the granter's ownership period and not prior. 2. Limited Special Warranty Deed: This type of deed offers similar assurances as the General Special Warranty Deed but for a limited time frame. It guarantees that the granter has not encumbered the property, except for any encumbrances or defects caused by their own actions. This means the granter takes responsibility for any defects that arose prior to their ownership. The Reserved Life Estate aspect of the deed ensures that the granter retains the right to use and enjoy the property until their death, or until the agreed-upon period expires. This privilege of a reserved life estate helps protect the granter's interests, allowing them to continue residing on the property without interruption. Both the granter and the corporation should consult with legal professionals, such as real estate attorneys, to ensure the proper drafting, execution, and recording of the Special Warranty Deed, as it is a legally binding document that requires adherence to specific guidelines established by the state of Pennsylvania and Pittsburgh county. Overall, a Pittsburgh Pennsylvania Special Warranty Deed from an Individual to a Corporation with a Reserved Life Estate provides a structured and legally recognized method for an individual to transfer property ownership to a corporation while reserving their right to reside on the property.
