This form is a warranty deed from parent(s) to child with a reservation of a life estate in the parent(s). The form allows the grantor(s) to convey property to the grantee, while maintaining an interest in the property during the lifetime of the grantor(s).
Kentucky Warranty Deed to Child Reserving a Life Estate in the Parents
Category:
State:
Kentucky
Control #:
KY-021-77
Format:
Word;
Rich Text
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FAQ
A life estate deed allows you to transfer property while reserving an interest during your lifetime or during the lifetime of someone else. Once the person who holds the life estate passes away, the Grantee fully owns the property.
A warranty deed guarantees that: The grantor is the rightful owner of the property and has the legal right to transfer the title.The title would withstand third-party claims to ownership of the property. The grantor will do anything to ensure the grantee's title to the property.
This life estate deed is a document that transfers ownership of real property, while reserving access and use of the property for the duration of the grantor's life. It allows the original owner (grantor) to remain on the premises with full access to and benefits from the property.
A transfer on death deed allows you to retain full ownership during your lifetime and conveys your full interest to the Grantee upon your death.Ultimately, the decision between a life estate and transfer on death deed is dependent on why you want to transfer the property.
Reservation of the present interest allows the owner to retain ownership for a period of time measured by the life of one or more individuals, by a term of years, or by a combination of the two.
The two types of life estates are the conventional and the legal life estate. the grantee, the life tenant. Following the termination of the estate, rights pass to a remainderman or revert to the previous owner.
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.
This life estate deed is a document that transfers ownership of real property, while reserving access and use of the property for the duration of the grantor's life. It allows the original owner (grantor) to remain on the premises with full access to and benefits from the property.