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Texas General Warranty Deed from Individual to Individual with Grantor...

Plano Texas General Warranty Deed from Individual to Individual with Grantor Reserving a Life Estate

Name: Plano Texas General Warranty Deed from Individual to Individual with Grantor Reserving a Life Estate
Brand: US Legal Forms
Rating: 4.8 (227 reviews)

Category:

Texas Real Estate - Deeds - Quitclaims

State:

Texas

City:

Plano

Control #:

TX-063-78

Format:

Instant download

Description

This form is a General Warranty Deed where the Grantor is an individual and the Grantee is an individual. Grantor conveys and generally warrants the described property to the Grantee. The Grantor reserves and retains a life estate in the property. This deed complies with all state statutory laws.

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FAQ

Disadvantages of a Lady Bird Deed If you plan to apply for a mortgage on the property, some title insurance companies may be reluctant to provide title insurance on property subject to a Lady Bird deed. You want to leave the property to more than one grantee. There is a fairly large mortgage balance on the property.

Revocable trusts are similar to lady bird deeds in that they both offer significant amounts of control while the original owner is still alive. However, as third parties usually manage revocable trusts, owners tend to exert less direct control over the assets.

After the death of the life tenant (or earlier termination of the trust), the remaining capital of the trust fund can then be passed on to other individuals, known as the remaindermen, or a separate trust, as set out in the will.

Upon your death, all that is required for full title to be transferred to your beneficiaries is the filing of an affidavit in the county property records reflecting the date of your death, referring to the recording information for the Lady Bird Deed, and reciting that there are no outstanding debts of the estate, or

A life estate is property such as land or a residence that a person owns and can use for as long as they are alive. They often share ownership of that property with another person or persons, which means that when the owner dies the title of that property is automatically transferred to the other owner or owners.

A Lady Bird deed is a special kind of deed that is commonly recognized by Texas law. Also called an enhanced life estate deed, it can be used to transfer property to beneficiaries outside of probate. It gives the current owner continued control over the property until his or her death.

In Texas, state and local court rules govern the various time periods that the executor must follow in probating a will. The general rule in Texas is that the executor has four years from the date of death of the testator (person who drafted the will) to file for probate.

In Texas, two forms of joint ownership have the right of survivorship: Joint tenancy. Property owned in joint tenancy automatically passes to the surviving owners when one owner dies. (The survivor must, however, live at least 120 hours longer than the deceased co-owner.

This fee is typically $27.70.

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Texas utilizes the community property system to determine the property rights of a husband and wife. Other very wealthy individuals who signed their names in a newspaper ad supporting the estate tax.Neighborhood;. PEOPLE: Improve outcomes of households living in the target housing related to employment and income, health, and education; and. Title; or in violation of §2306. 6733 of the Texas Government Code. Actual results or events could differ materially from the plans, intentions, and expectations disclosed in the forward-looking statements we make. Homeless families and individuals over a five-year period.

Plano Texas General Warranty Deed from Individual to Individual with Grantor Reserving a Life Estate

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FAQ

What are the disadvantages of a Lady Bird deed?

What is the difference between a Lady Bird deed and a trust?

What happens when a life tenant dies?

What are the drawbacks of a Lady Bird deed?

How do I transfer a title after death of life estate tenant in Texas?

Who owns the property in a life estate in Texas?

What is another name for a Lady Bird deed?

How long do you have to transfer property after death in Texas?

What happens to a jointly owned property if one owner dies in Texas?

How much does it cost for a Lady Bird deed in Florida?

Interesting Questions

What is a Plano General Warranty Deed?

What does it mean when the grantor reserves a life estate in a General Warranty Deed?

Why would a grantor want to reserve a life estate?

What are the benefits of a General Warranty Deed?

Are there any guarantees provided to the grantor with a General Warranty Deed?

What happens if there are any defects discovered in the property title after the transfer?

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