Life Estate Deed Massachusetts Sample With Powers
Description
How to fill out Massachusetts Warranty Deed To Child Reserving A Life Estate In The Parents?
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FAQ
In legal terms, it is an estate in real property that ends at death, when the property rights may revert to the original owner or to another person. The owner of a life estate is called a "life tenant".
The life tenant or tenants have the full right of possession, or right to occupy, the premises during their lives. In addition, they have the right to rent out the property and receive the income. They also have the obligation to maintain the property and to pay its expenses, including real estate taxes.
There is no simple way to reverse a life estate because a life estate deed is a legal transfer of the title of a property. This is legally binding and the transaction is complete when the life estate is executed. Essentially, in order to reverse a life estate both parties would need to agree to make it happen.
The life estate ends at the death of the life tenant (or at the death of the last survivor of the life tenants if there is more than one). At that point, the so-called ?remaindermen? take over both full ownership and the right to occupy and control the property.
There are three types of real estate deeds in Massachusetts: release deeds, quitclaim deeds, and warranty deeds. Each of these deeds gives a buyer different degrees of protection and guarantees against defects.