Georgia Life Estate Deed Form For Sale
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FAQ
Requirements to be filed The deed must describe the real property, full legal description. Name the party/parties transferring the property (grantor) Name the party/parties receiving the property (grantee) Be signed and notarized by the grantor with a witness.
Section 44-6-82 - How and in what property life estate may be created (a) An estate for life may be created by deed or will, by express agreement of the parties, or by operation of law. (b) A life estate cannot be created in property which will be destroyed on being used.
§ 44-6-80, estates that ?extend during the life of a person but terminate at the death of the person are deemed life estates.? 1. A life estate may be created by. ?deed or will? so long as the life estate does not exist in property that ?will be destroyed [upon] being used.?
Here are the steps to completing a deed transfer in Georgia: Names the Current Owner and New Owner. Contains a Description of the Property. Signed by Current Owner. Two Witnesses: Unofficial Witness & Notary Public. Complete a PT-61, Transfer Tax Form. Record Deed in County Real Estate Records.
If you do sell the property, the remainderman has the right to ask for part of the proceeds. A special type of life estate must be created in order to get around this. You'll need to create a life estate deed with the help of an attorney and the person you intend to be your remainderman.