This form is a Warranty Deed, conveying a life estate, where the Grantor is an individual and the Grantee is an individual. Grantor conveys and warrants the life estate interest. This deed complies with all state statutory laws.
Pennsylvania Warranty Deed Conveying A Life Estate - Individual to Individual
Category:
State:
Pennsylvania
Control #:
PA-046-78
Format:
Word;
Rich Text
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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 personal representative deed and warranty deed are the same only in that they both convey ownership of land. The types of title assurance that the different deeds provide to the new owner are very different.
The name and address of the seller (called the grantor) The name and address of the buyer (called the grantee) A legal description of the property (found on the previous deed) A statement that the grantor is transferring the property to the grantee.
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.
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 life estate is a form of joint ownership that allows one person to remain in a house until his or her death, when it passes to the other owner.
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.
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.