Posted on: 24th Aug, 2009 01:47 pm
What is the name of the warranty deed which allows parents to retain ownership of property but upon their deaths the property transfers to the sole child. I believe I was told it was a warranty deed life estate with reserve to remainder man. I don't believe I have the name correct. Please advise.
Hi olga!
Welcome to forums!
A life estate clause on a property deed will give your parents the right to stay in the property until death. Upon their death, the property will become solely yours. If the property is free and clear, you can go for a warranty deed with a life estate clause. In case if the property has a mortgage on it, then a quitclaim deed with a life estate clause will serve your purpose.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
A life estate clause on a property deed will give your parents the right to stay in the property until death. Upon their death, the property will become solely yours. If the property is free and clear, you can go for a warranty deed with a life estate clause. In case if the property has a mortgage on it, then a quitclaim deed with a life estate clause will serve your purpose.
Feel free to ask if you've further queries.
Sussane