This form is a Warranty Deed with retained Enhanced Life Estates, also known as a "Lady Bird Deed", where the Grantors are two individuals or husband and wife and the Grantees are two individuals or husband and wife. Grantors convey the property to Grantees subject to an enhanced retained life estate. The Grantors retains the right to sell, encumber, mortgage or otherwise impair the interest Grantees might receive in the future, without joinder or notice to Grantees, with the exception of the right to transfer the property by will. This deed complies with all state statutory laws.
San Antonio Texas Enhanced Life Estate or Lady Bird Warranty Deed from Two Individuals, or Husband and Wife, to Two Individuals, or Husband and Wife
State:
Texas
City:
San Antonio
Control #:
TX-04-83
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Texas Enhanced Life Estate Or Lady Bird Warranty Deed From Two Individuals, Or Husband And Wife, To Two Individuals, Or Husband And Wife?
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FAQ
A Lady Bird deed is a special kind of deed that is commonly recognized by Texas law. Also called an enhanced life estate deed, it can be used to transfer property to beneficiaries outside of probate. It gives the current owner continued control over the property until his or her death.
Revocable trusts are similar to lady bird deeds in that they both offer significant amounts of control while the original owner is still alive. However, as third parties usually manage revocable trusts, owners tend to exert less direct control over the assets.
Disadvantages of a Lady Bird Deed If you plan to apply for a mortgage on the property, some title insurance companies may be reluctant to provide title insurance on property subject to a Lady Bird deed. You want to leave the property to more than one grantee. There is a fairly large mortgage balance on the property.
The Texas lady bird deed form allows property to be automatically transferred to a new owner when the current owner dies, without the need to go through probate. It also gives the current owner retained control over the property, including the right to change his or her mind about the transfer.
The Texas lady bird deed form allows property to be automatically transferred to a new owner when the current owner dies, without the need to go through probate. It also gives the current owner retained control over the property, including the right to change his or her mind about the transfer.
Disadvantages of a Lady Bird Deed If you plan to apply for a mortgage on the property, some title insurance companies may be reluctant to provide title insurance on property subject to a Lady Bird deed. You want to leave the property to more than one grantee. There is a fairly large mortgage balance on the property.
Completion of the Lady Bird Deed in Texas is affordable if you can do it yourself. The price for recording equals approximately $30.
A Lady Bird deed is a special kind of deed that is commonly recognized by Texas law. Also called an enhanced life estate deed, it can be used to transfer property to beneficiaries outside of probate. It gives the current owner continued control over the property until his or her death.
This fee is typically $27.70.