This form is a Quitclaim Deed with a retained Enhanced Life Estate where the Grantor is an individual and the Grantee is an individual. It is also known as a "Lady Bird" Deed. Grantor conveys the property to Grantee subject to an enhanced retained life estate. The Grantor retains the right to sell, encumber, mortgage or otherwise impair the interest Grantee might receive in the future, without joinder or notice to Grantee, with the exception of the right to transfer the property by will. This deed complies with all state statutory laws.
Lady Bird Deed In Ct
State:
Connecticut
Control #:
CT-01-82
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Connecticut Enhanced Life Estate Or Lady Bird Quitclaim Deed - Individual To Individual?
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FAQ
Laws. Recording ? A quit claim with the Registry of Deeds where the property is located. Signing ? The quit claim deed is required to be notarized AND signed with two (2) witnesses. If the notary public agrees, he or she may act as one (1) of the witnesses as well as the notary.
The original owner retains complete control over the property. Using a Lady Bird deed, the homeowner retains control over their property until they sell it, gift it, or die. The remainder beneficiary receives the property if the grantor owns the property at the owner's death.
Disadvantages. The downside is that property transferred via a lady bird deed will be subject to a new tax assessment that could (and often does) result in higher property taxes generally.
The Validity of Lady Bird Deeds in Connecticut A Lady Bird deed, also known as an enhanced life estate deed, is a legal document that allows an individual to pass property to beneficiaries while retaining a life estate in the property.
It must be signed before a notary and two witnesses. The notary may be a witness, but the person receiving the ownership right cannot be a witness. In addition to the Deed, you will need a conveyance tax form. Although no tax will be due, you still need to complete the form.