Posted on: 07th Mar, 2009 06:21 pm
My father passed away this past fall and my mom wants to QC their home, which has no encumberances, to myself and my sister, but she would retain an life estate in the home. We would each own the property equally as tenants by the entirety.
My question is: Do we just state on the QCD that the grantor retains the right of survivorship; or do we need to execute a QCD and then a new Warranty Deed stating this change?
Thank you,
B
My question is: Do we just state on the QCD that the grantor retains the right of survivorship; or do we need to execute a QCD and then a new Warranty Deed stating this change?
Thank you,
B
Hi bk,
As far as I know tenants by entirety form of ownership can be used only by married couples. Thus, I don't think you and your sister can own the property as tenants by entirety.
However, your mother can quitclaim the property to you and your sister as tenants in common, while retaining a life estate for herself. She does not need to execute a separate warranty deed for that.
As far as I know tenants by entirety form of ownership can be used only by married couples. Thus, I don't think you and your sister can own the property as tenants by entirety.
However, your mother can quitclaim the property to you and your sister as tenants in common, while retaining a life estate for herself. She does not need to execute a separate warranty deed for that.