This form is a Warranty Deed with a retained Enhanced Life Estate where the Grantor is an individual and the Grantees are two individuals or husband and wife. Grantor conveys the property to Grantees subject to an enhanced retained life estate. The Grantor retains the right to sell, encumber, mortgage or otherwise impair the interest Grantees 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 is also known as a Lady Bird Deed. This deed complies with all state statutory laws.
New Mexico Life Estate Deed Without Powers
State:
New Mexico
Control #:
NM-031-78
Format:
Word;
Rich Text
Instant download
Description
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How to fill out New Mexico Enhanced Life Estate Or Lady Bird Warranty Deed From An Individual To Two Individuals?
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FAQ
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.
A conventional life estate is one created by grant from the owner of the fee simple estate. A legal life estate is one created by statute in some states and depends on the law of the state where the real estate is located. Examples of this type of life estate include curtsey and dower.
An additional potential problem with a Life Estate is that it does not offer creditor protection to the beneficiary, so if the heir has a debt or is sued, the creditor or court can come after the house. As you can see, a traditional Life Estate has the potential to create major conflict within a family.
A life tenant does not have complete control over the property because they do not own the whole bundle of rights. The life tenant cannot sell, mortgage or in any way transfer or encumber the property. If either party wants to sell the property, both the life tenant and remainderman must agree.
Life estate pur autre vie: The French words ?pur autre vie? mean ?for another life.? As opposed to an ordinary life estate, the length of the life estate in this case is for the lifetime of a third party rather than the person actually receiving the life estate.