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 from an individual to an individual.
Category:
State:
Oregon
Control #:
OR-033-78
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PDF;
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Description
Definition and meaning
A Life Estate Deed is a legal document that allows an individual (the grantor) to transfer property ownership to another individual (the grantee) while retaining the right to use the property for the remainder of their life. After the grantor's death, the property is transferred to the grantee without the need for probate. This type of deed can be an effective tool for estate planning, enabling property owners to specify how their property will be managed after they pass away.
Who should use this form
This form is ideal for individuals who wish to pass on their real estate to another person while maintaining the rights to live in or utilize the property during their lifetime. It is particularly useful for parents who wish to transfer property to their children, ensuring that they can continue to reside in the home without losing ownership until a specified event occurs, such as their death.
Key components of the form
The Life Estate Deed includes several critical components:
- Grantor Information: The name of the person transferring the property.
- Grantee Information: The name of the individual receiving the life estate.
- Property Description: Detailed legal description of the real estate being transferred.
- Duration: The life estate duration based on the grantor's life.
- Warranties: Statements regarding encumbrances and warranties associated with the property.
How to complete a form
To complete the Oregon Life Estate Deed, follow these steps:
- Fill out the grantor's information accurately.
- Provide the grantee's full name and address.
- Include a detailed legal description of the property. This information can usually be found on a recent tax statement or property deed.
- Specify the life estate duration, typically the lifetime of the grantor.
- Sign the document in the presence of a notary public.
Common mistakes to avoid when using this form
When completing the Life Estate Deed, users should be aware of these common errors:
- Not providing a complete legal description of the property, which could lead to disputes.
- Failing to sign the deed in front of a notary public, which is required for the document to be valid.
- Omitting any warranties or disclosures that may affect the transaction.
- Not consulting with a legal expert when unclear about specific terms or implications of the deed.
What to expect during notarization or witnessing
When you are ready to have your Life Estate Deed notarized, you should prepare to:
- Visit a notary public with a valid form of identification.
- Present the completed deed for notarization.
- Sign the document in the notary's presence, as they will witness your signature.
- Understand that the notary will affix their seal and provide a notary acknowledgment, making your document legally binding.
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FAQ
With a life estate deed, the remainderman's ownership interest vests when the deed is signed and delivered (or recorded in the public record). Accordingly, the children's ownership interest in the property vested upon their father signing the deed and recording it in the public records, or the year 2000.
A life estate deed permits the property owner to have full use of their property until their death, at which point the ownership of the property is automatically transferred to the beneficiary.
Can a life estate deed be changed? It is challenging to modify or change a life estate deed. The grantor cannot change the life estate as he or she has no power to do so after creating the life estate deed unless all of the future tenants agree. It requires the permission or consent of every one of the beneficiaries.
Effective January 1, 2012, Oregon law provides for a new form of deed known as a transfer on death (TOD) deed. These deeds allow an owner of real property to designate a beneficiary who will obtain title to that real property when the owner dies, without having to go through probate (subject to some exceptions).
The date the deed was made; The name of the party granting the life estate and their address; The name of the grantee and their address; The address and a legal description of the property that is subject to the life estate;
A person owns property in a life estate only throughout their lifetime. Beneficiaries cannot sell property in a life estate before the beneficiary's death. One benefit of a life estate is that property can pass when the life tenant dies without being part of the tenant's estate.
Example of creation of a life estate: I grant to my mother, Molly McCree, the right to live in and/or receive rents from my real property, until her death, or I give my daughter, Sadie Hawkins, my real property, subject to a life estate to my mother, Molly McCree. This means a woman's mother, Molly, gets to live in
A life estate deed permits the property owner to have full use of their property until their death, at which point the ownership of the property is automatically transferred to the beneficiary.In the right situations, it can be a streamlined and easy way to transfer ownership.