Also known as a "Lady Bird" Deed, this form is a Warranty Deed with a retained Enhanced Life Estate where the Grantor is an individual and the Grantees are two individuals or husband and wife. 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 Grantee, with the exception of the right to transfer the property by will. This deed complies with all state statutory laws.
A Houston Texas Lady Bird or Enhanced Life Estate Warranty Deed from an Individual to Two Individuals or Husband and Wife is a legal document used in real estate transactions to transfer ownership of a property from one individual to a married couple or two individuals. This type of deed offers certain additional rights and protections for the granter (original owner) and the grantees (new owners) compared to a standard warranty deed. Keywords: Houston Texas, Lady Bird deed, Enhanced Life Estate Warranty Deed, individuals, husband and wife, types Houston Texas refers to the jurisdiction and location where the deed is being executed. Lady Bird deed and Enhanced Life Estate Warranty Deed are often used interchangeably and refer to the same type of deed with specific features and benefits. The Lady Bird or Enhanced Life Estate Warranty Deed provides the granter with the ability to retain their rights to the property during their lifetime, even after transferring ownership to the grantees. This means that the granter can continue to live in or use the property as they please until their death. Additionally, this deed offers certain legal protections and benefits, such as the ability to sell, mortgage, or lease the property without the permission of the grantees. There may be different types of Houston Texas Lady Bird or Enhanced Life Estate Warranty Deed from Individual to Two Individuals or Husband and Wife, depending on specific circumstances and requirements. Common variations include: 1. Traditional Lady Bird Deed: This type of enhanced life estate warranty deed allows the granter to retain full control over the property during their lifetime, including the ability to sell or mortgage the property without obtaining consent from the grantees. 2. Statutory Enhanced Life Estate Deed: Some states, including Texas, have specific statutory provisions for enhancing life estate deeds. This type of deed may have additional requirements or provisions that must be met to ensure its validity and effectiveness. 3. Married Couple: If the married couple is the sole owner or granter of the property, they can use this deed to transfer the property between themselves while retaining their shared rights and control over the property until the death of the surviving spouse. 4. Joint Tenants with Right of Survivorship: In certain cases, the deed may create a joint tenancy with right of survivorship between the granter and grantees. This means that upon the death of one of the parties, their share of the property automatically passes to the surviving party. In summary, a Houston Texas Lady Bird or Enhanced Life Estate Warranty Deed from Individual to Two Individuals or Husband and Wife is a specialized form of deed that allows a granter to transfer ownership of a property to a married couple or two individuals while retaining certain rights and protections during their lifetime. Different types of these deeds may exist, such as the traditional Lady Bird Deed, statutory enhanced life estate deed, and variations based on the ownership structure.
