This form is a Grant Deed with a retained Enhanced Life Estate where the Grantor is an individual and the Grantee is an individual. Grantor conveys the property to Grantee subject to an enhanced retained life estate. The Grantor retains the right to sell, encumber, mortgage or otherwise impair the interest Grantee might receive in the future, without joinder or notice to Grantee, with the exception of the right to transfer the property by will. The Grantee must survive the Grantor or the conveyaqnce is null and void. This deed complies with all state statutory laws.
San Jose, California, offers several types of Enhanced Life or Lady Bird Estate Grant Deeds from Individual to Individual, which are legal instruments used to transfer real estate property from one person to another. These deeds provide a unique set of benefits and features tailored to the specific needs and circumstances of the parties involved. 1. Enhanced Life Estate Grant Deed: The Enhanced Life Estate Grant Deed allows the granter (the current owner) to transfer their property while retaining certain rights of use and control until their death. The granter becomes the life tenant and retains the right to live on the property, collect rent, and mortgage it without the consent of the remainder man (the recipient of the property). However, once the life tenant passes away, the remainder man inherits full ownership of the property without the need for probate. 2. Lady Bird Estate Grant Deed: The Lady Bird Estate Grant Deed, also known as an Enhanced Life Estate Deed with Powers, is an enhanced version of the Enhanced Life Estate Grant Deed. It is named after Lady Bird Johnson, the former First Lady of the United States, who used this type of deed to transfer property to her children. This deed grants the granter the same rights as an Enhanced Life Estate Grant Deed, with the additional power to sell, mortgage, or gift the property without the consent of the remainder man during their lifetime. This highly flexible deed provides substantial control and affords the granter the ability to modify or revoke the conveyance at any time. Both the Enhanced Life Estate Grant Deed and the Lady Bird Estate Grant Deed are designed to avoid probate, ensuring a smooth transition of the property to the intended recipient(s) upon the granter's death. These deeds also offer potential tax advantages by stepping up the basis of the property to its fair market value at the time of the granter's death, reducing potential capital gains tax for the remainder man. It is important to consult with a qualified attorney or real estate professional to understand the specific requirements, implications, and limitations of these deeds. They can guide individuals through the process of executing and recording the appropriate deed, ensuring compliance with applicable laws and regulations in San Jose, California.San Jose, California, offers several types of Enhanced Life or Lady Bird Estate Grant Deeds from Individual to Individual, which are legal instruments used to transfer real estate property from one person to another. These deeds provide a unique set of benefits and features tailored to the specific needs and circumstances of the parties involved. 1. Enhanced Life Estate Grant Deed: The Enhanced Life Estate Grant Deed allows the granter (the current owner) to transfer their property while retaining certain rights of use and control until their death. The granter becomes the life tenant and retains the right to live on the property, collect rent, and mortgage it without the consent of the remainder man (the recipient of the property). However, once the life tenant passes away, the remainder man inherits full ownership of the property without the need for probate. 2. Lady Bird Estate Grant Deed: The Lady Bird Estate Grant Deed, also known as an Enhanced Life Estate Deed with Powers, is an enhanced version of the Enhanced Life Estate Grant Deed. It is named after Lady Bird Johnson, the former First Lady of the United States, who used this type of deed to transfer property to her children. This deed grants the granter the same rights as an Enhanced Life Estate Grant Deed, with the additional power to sell, mortgage, or gift the property without the consent of the remainder man during their lifetime. This highly flexible deed provides substantial control and affords the granter the ability to modify or revoke the conveyance at any time. Both the Enhanced Life Estate Grant Deed and the Lady Bird Estate Grant Deed are designed to avoid probate, ensuring a smooth transition of the property to the intended recipient(s) upon the granter's death. These deeds also offer potential tax advantages by stepping up the basis of the property to its fair market value at the time of the granter's death, reducing potential capital gains tax for the remainder man. It is important to consult with a qualified attorney or real estate professional to understand the specific requirements, implications, and limitations of these deeds. They can guide individuals through the process of executing and recording the appropriate deed, ensuring compliance with applicable laws and regulations in San Jose, California.
