This form is a Life Estate Deed where the Grantor is an individual and the Grantee is an Individual. Grantor conveys and warrants the described life estate to the Grantee. This deed complies with all state statutory laws.
Life Estate With Reversion
Category:
State:
Oregon
Control #:
OR-033-78
Format:
Word;
PDF;
Rich Text
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How to fill out Oregon Life Estate Deed From An Individual To An Individual.?
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FAQ
What is an example of reversion? A common example of reversion is a leasehold estate, in which the lessee has the right to use and occupy the property for a specified period of time. When the lease term ends, the property reverts to the lessor.
A reversion occurs when the land returns to the grantor or heirs of the grantor A remainder occurs when the land remains away from the grantor or heirs.
In trust law terms, a reversionary interest is an interest that reverts back to the settlor of a trust once a beneficiary's interest has come to an end. For example, Bob gives a life interest in Rose Cottage to his mother Judy, and on Judy's death the cottage is to revert back to Bob.
To determine the value of a life estate, multiply the real value by 6%, then multiply this product by the annuity dollar at the nearest birthday of the owner of the life estate (see table below).
The ordinary conventional life estate with remainder or reversion, for example, does not continue for an indefinite period but terminates when the person on whose life the estate is based, or the life tenant, becomes deceased.