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).
Life Estate With Condition Subsequent
Category:
State:
Mississippi
Control #:
MS-021-77
Format:
Word;
Rich Text
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The holder has the right to possess the property as long as he or she lives. A life estate grants the holder use of the estate for the duration of a life, often that of the tenant.The two defeasible fees are the fee simple determinable and the fee simple subject to a condition subsequent. The condition that cuts short the estate is a condition subsequent. A life estate is a type of joint property ownership. As a result of this grant A holds a life estate subject to a condition subsequent. B holds a contingent remainder in fee simple. A legal life estate is an estate for life in the assets themselves. A legal life estate is an estate for life in the assets themselves. Defeasible estates generally come in two types: (1) fee simple determinable; and (2) fee simple subject to condition subsequent.