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 Reversionary Interest
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
For example, Tisha's grandmother wrote her will and stated that her twin sister could live in her home until she died. Then, the home would go to Tisha. This is an estate in reversion - the twin sister will enjoy possession of the estate until she passes away, then possession will revert to Tisha.
A remainder interest is the right to use, possess, or enjoy property when the prior interest (term or life) ends. Mathematically, the value of a remainder interest is found by subtracting the present value of the prior interest from the entire fair market value of the property.
A reversion is that portion of a fee estate that continues in the grantor after the grantor has conveyed a life estate. For example, when A conveys a life estate to B, the portion of the fee estate remaining in A is a reversion. When B's life estate ends, the right to ownership and possession will revert to A.
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.
For the life estate interest, multiply the figure in the life estate column for the individual's age by the equity value of the property. 3. For the remainder interest, multiply the figure in the remainder interest column for the individual's age by the equity value of the property.