Posted on: 20th Jun, 2007 01:36 pm
my question is my parents want to do this quit claim deed. we need to change the wording on it so that they will have lifetime residency in the home and continue to pay the taxes and get credit for it at the years end.some where on the deed it need to state that but what would be the correct wording for something like that.
They can have a life estate by which they will retain complete ownership up to their death.
Thanks so much for answering so quickly but where on wisconsin QUITCLAIM DEED one would put "LIFE ESTATE". I purchased this deed from Office Depot. I'm also a little confused with the Grantor and Grantee...would my parents be the Grantor and I would be the Grantee?
Leatha you will need to contact an attorney to know the exact way the deed is to be made to include the life estate clause in it. And on the deed you have seen that grantor and grantee are mentioned. Grantor is the person who is transferring his/her property and grantee is one who receives ownership. As such your parents are the grantors and you are the grantee.
Miller
Miller
Hello Leatha,
You may contact a lawyer to help you draft a deed with the life estate clause included in it.
"I'm also a little confused with the Grantor and Grantee"
Grantee is the person receiving the property-interest. Grantor is the person who's giving away the property. So, yes, your parents will be the grantor.
You may contact a lawyer to help you draft a deed with the life estate clause included in it.
"I'm also a little confused with the Grantor and Grantee"
Grantee is the person receiving the property-interest. Grantor is the person who's giving away the property. So, yes, your parents will be the grantor.
I've been told that a "Life Estate Grantee" means you have the right to live in the house for your natural life but you don't own the house.
My deed reads as follows: Cathy XXXX, hereinafter caller "Grantor", hereby grant, bargain, sell, convey and confirm to James XXXX, hereinafter called "Life Estate Grantee", for and during the natural life of life Esatate Grantee, the following prpoerty:
To have and to hold the property, together with all and singular the rights, members and appurtenances thereof, to the same beloning or in any way appertaining, to the only proper use and benefit JamesXXX, Life Estate Grantee, for and during his nature life, and on his deatn the remainder to CathyXXXX, in fee simple.
Please let me know if this is not what I've been told to mean. We have 2 propterties and on one I'm the Life Estate Grantor and my Husband is the Life Estate Grantor on the other one.
Thank You, Cahty
My deed reads as follows: Cathy XXXX, hereinafter caller "Grantor", hereby grant, bargain, sell, convey and confirm to James XXXX, hereinafter called "Life Estate Grantee", for and during the natural life of life Esatate Grantee, the following prpoerty:
To have and to hold the property, together with all and singular the rights, members and appurtenances thereof, to the same beloning or in any way appertaining, to the only proper use and benefit JamesXXX, Life Estate Grantee, for and during his nature life, and on his deatn the remainder to CathyXXXX, in fee simple.
Please let me know if this is not what I've been told to mean. We have 2 propterties and on one I'm the Life Estate Grantor and my Husband is the Life Estate Grantor on the other one.
Thank You, Cahty
Hello Cathy.
Welcome to the forum.
If you have the life estate on the property then you will still remain the owner and have all the legal rights of the property as long as you live. And after you death the grantee will get the ownership and the Life Estate Deed help to avoid the probate process.
Ask the community if you have any further questions.
Welcome to the forum.
If you have the life estate on the property then you will still remain the owner and have all the legal rights of the property as long as you live. And after you death the grantee will get the ownership and the Life Estate Deed help to avoid the probate process.
Ask the community if you have any further questions.