Posted on: 31st Jan, 2009 08:58 am
Hallo
I found in the net a grant deed where it says transferring the real estate to daughter with live estate ?
Is that deed good for people who own houses where they can stay in the house for live time and the child can not sell it some day after the parents have passed on ?
Also another question is , can I give my daughter my property I own and say , that she has to give me live time support if needed or wanted ?
For example:
I live in Europe and we have passed on our house her to my daughter.
We put in provisions into the deed , that she can not sell the property and we can live as long wie live in the house and she can not take out any loan from the property from a bank.
What kind of other provisions can somebody put into a deed.
Especially it would lower the value of the gift , if someone would put in , that she can not sell the property without my permission.
In the US , the laws may be different than in Europe.
Would like to hear from you.
Thank you very much ,
Iser with best regards.
I found in the net a grant deed where it says transferring the real estate to daughter with live estate ?
Is that deed good for people who own houses where they can stay in the house for live time and the child can not sell it some day after the parents have passed on ?
Also another question is , can I give my daughter my property I own and say , that she has to give me live time support if needed or wanted ?
For example:
I live in Europe and we have passed on our house her to my daughter.
We put in provisions into the deed , that she can not sell the property and we can live as long wie live in the house and she can not take out any loan from the property from a bank.
What kind of other provisions can somebody put into a deed.
Especially it would lower the value of the gift , if someone would put in , that she can not sell the property without my permission.
In the US , the laws may be different than in Europe.
Would like to hear from you.
Thank you very much ,
Iser with best regards.
Hi Iser,
A grant deed with life estate is a very good option. Through grant deed, you transfer your property while retaining a life estate on it which means you you can live there as long as you live. You can also go for an enhanced life estate deed or better known as lady bird deed, through which you not only retain life estate for yourself but also reserve the right to sell the property whenever needed without having to take a permission from your successors.
A grant deed with life estate is a very good option. Through grant deed, you transfer your property while retaining a life estate on it which means you you can live there as long as you live. You can also go for an enhanced life estate deed or better known as lady bird deed, through which you not only retain life estate for yourself but also reserve the right to sell the property whenever needed without having to take a permission from your successors.