This form is a warranty deed from parent(s) to child with a reservation of a life estate in the parent(s). The form allows the grantor(s) to convey property to the grantee, while maintaining an interest in the property during the lifetime of the grantor(s).
Iowa Life Estate Form With 2 Points
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A life estate deed is a legal document that changes the ownership of a property while allowing you to live there until death. Elect to receive a life estate in the homestead.Such election shall be made and entered of record as provided in section 633.245. A life estate deed is a legal document used in real estate to grant ownership of property to an individual for the duration of their life. A life estate is an estate in real property which is limited in duration to the life of its owner or to the life of some other designated person. Most states have not acted to continue farm leases beyond the death of the life tenant, as in Iowa. In these states, the interests of farm tenants can be. A life estate is a type of joint ownership of real property with ownership "split" between a present interest and a remainder interest. Iowa Code sections 331.606A and 331.606B states that all documents presented for recording must meet certain requirements. Below are some the basic guidelines.