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South Carolina Warranty Deed - Individual to Individual with a...

Life Estate Deed South Carolina

Name: South Carolina Warranty Deed - Individual to Individual with a Retained Life Estate in Grantor
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.7 (207 reviews)

Category:

South Carolina Real Estate - Deeds - Warranty

State:

South Carolina

Control #:

SC-020-78

Format:

Instant download

Description

This form is a Warranty Deed where the grantor is an individual and the grantee is also an individual. Grantor conveys and warrants the described property to the grantee and grantor retains a life estate in the property. The transfer to grantee is subject to this life estate. This deed complies with all state statutory laws.

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How to fill out South Carolina Warranty Deed - Individual To Individual With A Retained Life Estate In Grantor?

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FAQ

The creation of a life estate is accomplished by the language to Recipient for life or, if it is to be a life estate pur autre vie, to recipient for the life of (another person). The holder of the life estate is called the life tenant. If the property is to return to the original owner after the death of the life

What happens to a life estate after someone dies? Upon the life tenant's death, the property passes to the remainder owner outside of probate.They can sell the property or move into and claim it as their primary residence (homestead). Property taxes will not be reassessed.

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.

Almost all deeds creating a life estate will also name a remaindermanthe person or persons who get the property when the life tenant dies.The life tenant is the owner of the property until they die. However, the remainderman also has an ownership interest in the property while the life tenant is alive.

Typically, the lender will provide you with a copy of the deed of trust after the closing. The original warranty deeds are often mailed to the grantee after they are recorded. These are your original copies and should be kept in a safe place, such as a fireproof lockbox or a safe deposit box at a financial institution.

Contrary to normal expectations, the Deed DOES NOT have to be recorded to be effective or to show delivery, and because of that, the Deed DOES NOT have to be signed in front of a Notary Public. However, if you plan to record it, then it does have to be notarized as that is a County Recorder requirement.

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 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.

The original deed is returned to the owner of the property from the office of the recorder after proper entry. The office of the Recorder of Deeds maintains a set of indexes about each deed recorded, for an easy search. Almost all states have a grantor-grantee index including a reference to all documents recorded.

Life Estate Deed South Carolina

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How to fill out South Carolina Warranty Deed - Individual To Individual With A Retained Life Estate In Grantor?

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FAQ

In what type of life estate does property ownership return to the original owner when the life estate holder dies?

What happens to a life estate after the person dies?

Does a person with a life estate own the property?

Does a Remainderman own the property?

Who keeps original warranty deed?

Does a warranty deed have to be recorded to be valid?

Is a life estate considered ownership?

Does a warranty deed mean you own the property?

Who keeps the original deed?

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