This form is a Warranty Deed with retained Enhanced Life Estates, also known as a "Lady Bird Deed", where the Grantors are two individuals or husband and wife and the Grantees are two individuals or husband and wife. Grantors convey the property to Grantees subject to an enhanced retained life estate. The Grantors 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.
The Harris Texas Enhanced Life Estate, also known as the Lady Bird Warranty Deed, is a legal transfer of property ownership from two individuals, or a husband and wife, to two other individuals, or a husband and wife, with certain benefits and conditions attached. This type of deed is commonly used for estate planning purposes to ensure the smooth transfer of property while allowing the original owners to retain control and enjoy the property during their lifetime. In a Harris Texas Enhanced Life Estate or Lady Bird Warranty Deed, the original owners (granters) transfer their property to the new owners (grantees) with a "life estate" reservation. This means that the granters retain the right to live in and use the property for the rest of their lives, without interference from the grantees. This unique feature offers convenience and flexibility to the granters, as they do not need the grantees' permission to sell, lease, or modify the property during their lifetime. Furthermore, the Lady Bird Warranty Deed provides additional protection for the grantees. It includes a warranty of title, ensuring that the granters have full ownership and authority to transfer the property. This warranty protects the grantees from any future claims or disputes regarding the property's ownership. There are variations of the Harris Texas Enhanced Life Estate or Lady Bird Warranty Deed, each designed to meet specific needs or circumstances: 1. Lady Bird Warranty Deed with Right of Survivorship: This type of deed typically involves a husband and wife transferring their property to another couple, while also including the provision for automatic transfer of ownership to the surviving spouse upon the death of one spouse. 2. Lady Bird Warranty Deed with Reserved Powers: In this variation, the granters reserve certain powers, such as the ability to sell or mortgage the property, without needing the grantees' consent during their lifetime. This grants the granters greater control over the property while still retaining the benefits of the enhanced life estate. The Harris Texas Enhanced Life Estate or Lady Bird Warranty Deed provides a comprehensive and flexible solution for individuals or couples looking to plan their estate while maintaining control and enjoying their property during their lifetime. It offers peace of mind by ensuring a smooth transfer of ownership while protecting the rights of both the granters and grantees.
