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.
Oregon Life Estate Deed Without Powers
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State:
Oregon
Control #:
OR-033-78
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How to fill out Oregon Life Estate Deed From An Individual To An Individual.?
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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.
For example, a person can also own a life estate, which is the right to use property during their lifetime (or during the lifetime of some other specific individual). If there is a life estate, the property will pass to what is called the remainderman upon the end of the life in question.
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.
To transfer ownership of the real property to another, the current owner must execute a new deed and record it with the County Recorder's office.
(20) "Legal title" means legal ownership by a person. (21) "Life estate" means an interest in real or personal property that terminates upon the death of a measuring life.