This form is a Special Warranty Deed where the Grantor is an individual and the Grantee is a corporation. Grantor conveys and specially warrants the described property to the Grantee subject to a reserved life estate. The Grantor only warrants and will defend the property only as to claims of persons claiming by, through or under Grantor, but not otherwise. This deed complies with all state statutory laws.
Allegheny Pennsylvania Special Warranty Deed from an Individual to a Corporation with a Reserved Life Estate is a legal document that establishes the transfer of property ownership from an individual to a corporation while reserving a life estate for the individual. In this type of deed, the individual, known as the granter, conveys the property to the corporation, known as the grantee, with the understanding that they will retain a life estate. A life estate means that the granter, typically the previous owner, retains the right to occupy and use the property for the duration of their lifetime or a specified period as agreed upon in the deed. The special warranty provision in the deed means that the granter warrants against any defects or claims that may arise during their ownership of the property, but not against any defects that existed prior to their ownership. There may be variations of this special warranty deed based on specific circumstances or additional provisions. For instance: 1. Allegheny Pennsylvania Special Warranty Deed from an Individual to a Corporation with a Reserved Life Estate and Power of Termination: This variation includes a provision that gives the granter the power to terminate the life estate at any time during their lifetime. This allows the granter to regain full ownership and control of the property. 2. Allegheny Pennsylvania Special Warranty Deed from an Individual to a Corporation with a Reserved Life Estate and Remainder Interest: In this case, the granter not only reserves a life estate but also designates a remainder beneficiary. The remainder beneficiary will gain full ownership and control of the property upon the granter's death or the specified termination of the life estate. 3. Allegheny Pennsylvania Special Warranty Deed from an Individual to a Corporation with a Reserved Life Estate and Limited Use Restriction: This variation may include certain restrictions on how the granter can use the property during their life estate period. These restrictions could limit certain activities or alterations to preserve the property's value or purpose. It's crucial to consult with a qualified attorney or real estate professional to ensure that all legal requirements and specific details are accurately included in the Allegheny Pennsylvania Special Warranty Deed from an Individual to a Corporation with a Reserved Life Estate. Each variation may have specific considerations, and proper documentation is essential to protect the interests of both parties involved in the property transfer.
