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Texas Enhanced Life Estate or Lady Bird Warranty Deed from Two...

Amarillo Texas Enhanced Life Estate or Lady Bird Warranty Deed from Two Individuals, or Husband and Wife, to Three Individuals

Name: Amarillo Texas Enhanced Life Estate or Lady Bird Warranty Deed from Two Individuals, or Husband and Wife, to Three Individuals
Brand: US Legal Forms
Rating: 4.58 (339 reviews)

Category:

Texas Real Estate - Deeds - Enhanced Life Estate or Lady Bird

State:

Texas

City:

Amarillo

Control #:

TX-07-83

Format:

Instant download

Description

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 three individuals who may take ownership as tenants in common or joint tenants if specified. 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.

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FAQ

The one-third life estate applies to all land your wife owned, and if she had owned a working ranch, for instance, you would be entitled to one-third of the income it generates. But a home typically earns no income.

This fee is typically $27.70.

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.

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.

The Texas lady bird deed form allows property to be automatically transferred to a new owner when the current owner dies, without the need to go through probate. It also gives the current owner retained control over the property, including the right to change his or her mind about the transfer.

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.

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.

Amarillo Texas Enhanced Life Estate or Lady Bird Warranty Deed from Two Individuals, or Husband and Wife, to Three Individuals

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What does 1/3 life estate mean in Texas?

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

What is another name for a Lady Bird deed?

What are the disadvantages of a Lady Bird deed?

How does a Lady Bird deed work in Texas?

What is an enhanced life estate deed in Texas?

Who owns the property in a life estate in Texas?

What are the drawbacks of a Lady Bird deed?

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

What does 1/3 life estate mean in Texas?

Interesting Questions

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