This form is a Quitclaim Deed with a retained Enhanced Life Estate where the Grantors are two individuals or husband and wife and the Grantee is an individual. Grantors convey the property to Grantee subject to an enhanced retained life estate. It is also known as a "Lady Bird" Deed. The Grantors retains the right to sell, encumber, mortgage or otherwise impair the interest Grantee 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.
The Austin Texas Enhanced Life Estate or Lady Bird Quitclaim Deed from Two Individuals, or Husband and Wife, to an Individual is a legal document that transfers ownership of a property from a married couple to an individual, while preserving certain rights for the couple during their lifetime. This type of deed is commonly known as the "Lady Bird Deed" because it was popularized by former First Lady, Lady Bird Johnson. It is also referred to as an "Enhanced Life Estate Deed" due to the added benefits it offers to the granters. When a married couple executes this deed, they become known as the granters, and the individual receiving the property is known as the grantee. The purpose of this deed is to ensure that the granters maintain certain rights, such as the right to live in the property for their lifetime, the right to sell or mortgage the property without the consent of the grantee, and the ability to modify or revoke the deed at any time. There are two primary types within the Austin Texas Enhanced Life Estate or Lady Bird Quitclaim Deed: 1. Austin Texas Enhanced Life Estate Deed (without powers of sale): This type of deed grants the granters the right to live in the property for the duration of their lives, known as a life estate. However, it does not provide them with the ability to sell or encumber the property during their lifetime without the consent of the grantee. It does, however, allow them to modify or revoke the deed. 2. Austin Texas Enhanced Life Estate Deed (with powers of sale): This version of the deed provides the granters with more flexibility. They not only have the right to reside in the property for their lifetime but also have the power to sell, mortgage, or encumber the property without the consent of the grantee. While this grants them greater control, they still retain the ability to modify or revoke the deed. Both types of deeds enable the granters to bypass probate when transferring ownership of the property upon their death. This ensures a smoother transition of the property to the grantee, reducing the time and expenses typically associated with probate proceedings. It is important to note that these deeds are specific to Austin, Texas, and may differ in other jurisdictions. It is advisable to consult with a qualified real estate attorney when executing any type of deed to ensure compliance with local laws and regulations.The Austin Texas Enhanced Life Estate or Lady Bird Quitclaim Deed from Two Individuals, or Husband and Wife, to an Individual is a legal document that transfers ownership of a property from a married couple to an individual, while preserving certain rights for the couple during their lifetime. This type of deed is commonly known as the "Lady Bird Deed" because it was popularized by former First Lady, Lady Bird Johnson. It is also referred to as an "Enhanced Life Estate Deed" due to the added benefits it offers to the granters. When a married couple executes this deed, they become known as the granters, and the individual receiving the property is known as the grantee. The purpose of this deed is to ensure that the granters maintain certain rights, such as the right to live in the property for their lifetime, the right to sell or mortgage the property without the consent of the grantee, and the ability to modify or revoke the deed at any time. There are two primary types within the Austin Texas Enhanced Life Estate or Lady Bird Quitclaim Deed: 1. Austin Texas Enhanced Life Estate Deed (without powers of sale): This type of deed grants the granters the right to live in the property for the duration of their lives, known as a life estate. However, it does not provide them with the ability to sell or encumber the property during their lifetime without the consent of the grantee. It does, however, allow them to modify or revoke the deed. 2. Austin Texas Enhanced Life Estate Deed (with powers of sale): This version of the deed provides the granters with more flexibility. They not only have the right to reside in the property for their lifetime but also have the power to sell, mortgage, or encumber the property without the consent of the grantee. While this grants them greater control, they still retain the ability to modify or revoke the deed. Both types of deeds enable the granters to bypass probate when transferring ownership of the property upon their death. This ensures a smoother transition of the property to the grantee, reducing the time and expenses typically associated with probate proceedings. It is important to note that these deeds are specific to Austin, Texas, and may differ in other jurisdictions. It is advisable to consult with a qualified real estate attorney when executing any type of deed to ensure compliance with local laws and regulations.
