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Texas General Warranty Deed - Husband and Wife to Husband and Wife...

Laredo Texas General Warranty Deed - Husband and Wife to Husband and Wife with Reserved Life Estates

Name: Laredo Texas General Warranty Deed - Husband and Wife to Husband and Wife with Reserved Life Estates
Brand: US Legal Forms
Rating: 4.8 (437 reviews)

Category:

Texas Real Estate - Deeds - General Warranty

State:

Texas

City:

Laredo

Control #:

TX-067-78

Format:

Instant download

Description

This form is a General Warranty Deed where the Grantors are husband and wife and the Grantees are husband and wife. Grantors convey and generally warrant the described property to the Grantees. Grantors reserve life estates in the property. This deed complies with all state statutory laws.

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FAQ

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.

The life estate deed removes the property from the life tenant's estate and transfers the property upon the death of the life tenant. This eliminates the property from probate. Once this deed is created, the life tenant usually CANNOT make changes to title of the property.

During the term of the life tenancy, life tenants have the duty to pay for utilities, expenses necessary to maintain the property in good condition, property taxes, and interest on the mortgage (the principal is owed by the remainderman).

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.

Your Rights of Ownership Retained During Your Life The Lady Bird Deed, if drafted properly, allows you as the owner of the ?life estate? in the property to mortgage, lease, sell, change your beneficiaries, or even revoke the deed, without the consent of the remaindermen.

In every sale transaction a title company is required to determine if the seller of the property is married. If they are married, their spouse is typically required to sign a document at closing and the document changes depending on the classification of the property as homestead or investment.

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

If the wife's name is not on the deed, it doesn't matter. It's still marital property because it was bought during the marriage. This makes it marital property and is still split between both parties. The wife is entitled to receive either equal share or equitable share of the house.

The individual holding the life estate ? the life tenant retains the legal right to possess and use the property during their lifetime. Upon the death of the life tenant, the property passes to the person or person who hold the remainder interest ? without the need for probate.

Control and Ownership of Separate Property The signature of both spouses is required to convey Texas homestead, even if the property used as the marital home is actually owned by only one spouse.

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Laredo Texas General Warranty Deed - Husband and Wife to Husband and Wife with Reserved Life Estates

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FAQ

Who owns the property in a life estate in Texas?

What does a life estate deed mean in Texas?

Who pays the mortgage in a life estate in Texas?

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

Can you sell a life estate in Texas?

Does my wife need to be on the deed in Texas?

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

What are my rights if my name is not on a deed but married in Texas?

Who owns the property in a life estate?

Does wife have to be on title in Texas?

Interesting Questions

What is a General Warranty Deed?

What does it mean when the deed states 'Husband and Wife to Husband and Wife with Reserved Life Estates77856'?

Why would someone use a General Warranty Deed with Reserved Life Estates in Laredo?

What are the benefits of a General Warranty Deed with Reserved Life Estates?

How does the Reserved Life Estate work?

Does a General Warranty Deed protect against any future claims on the property?

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