This form is a Warranty Deed where the grantors are husband and wife and the grantees are husband and wife. The grantees have a life estate interest in the named property.
Alabama Life Estate With Powers
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State:
Alabama
Control #:
AL-SDEED-8-7
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How to fill out Alabama Warranty Deed For Retention Of Life Estate (Husband And Wife To Husband And Wife)?
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FAQ
How Does a Life Estate Deed Work? The life tenant does not have the right to sell the property or take out a mortgage on it without the agreement of the remainderman. The remainderman becomes a co-owner of the property but has no legal rights to live in it or use it until the death of the life tenant.
Pur autre vie (per o-truh vee) is a French legal phrase which means for another's life. This phrase is durational in meaning as it is another's life, not that of the possessor, that is used to measure the amount of time someone has a right to possess real property.
A conventional life estate grants possession and limited ownership of an asset to someone for as long as they live. It can be created using a deed, specified in a will or included as part of a trust. Life estates are often used to provide housing for parents, spouses or offspring.
A life estate deed is a special deed form that allows a property owner to use the property during life and transfer the property automatically at death. Life estate deeds are designed to transfer the property at death without losing the ability to use the property during life.
Filters. Latin/French. For the life of another, term often used in bequeathing a right (but not title) in property.