Warranty Deed for Parents to Child with Reservation of Life Estate Washington Form
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People also ask
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How do you get around a life estate?
With a traditional life estate, once the deed has been filed, it cannot be revoked or otherwise changed without the written consent of both the life tenant and the remainderman.
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What are the disadvantages of a life estate deed?
Potential Problems for the Life Tenant Limits on Life Tenant's ability to sell or mortgage the property. ... Removing a Remainderman is difficult. ... A Remaindermen's problems can become your problems. ... Medicaid Complications. ... Nursing Home Complications.
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What is the difference between a warranty deed and a statutory warranty deed in Washington state?
A statutory warranty deed is different from a warranty deed because it is a shorter form made available through your state's statutes and it may not outright list the promise that the title is guaranteed to be clear. Instead, because it is a statutory form, this guarantee is implied and is still legally enforceable.
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What is a life estate deed in Washington state?
A life estate is an ownership interest in real property where the life estate owner (“life tenant”) has the right to possess the property during their lifetime. Upon the passing of the life tenant, the life estate reverts to an original owner (or somebody else) and the life estate ceases to exist.
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What basic property right is not available to the holder of a life estate?
A life tenant does not have complete control over the property because they do not own the whole bundle of rights. The life tenant cannot sell, mortgage or in any way transfer or encumber the property. If either party wants to sell the property, both the life tenant and remainderman must agree.
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What is a life estate and how does it work?
A life estate is a form of ownership that allows one person to live in or on a piece of real property until they pass away. At their death, the real property passes to the intended beneficiary of the original owner.
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What is the owner of a life estate called?
A life estate is a property, usually a residence, that an individual owns and may use for the duration of their lifetime. This person is called the life tenant and shares ownership of the property with a second person.
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What is the life estate deed?
A life estate deed is often used to provide housing for someone until they die. Mom might own a home in her own name and create a life estate deed that gives her much younger husband (Stepdad) a life estate in the property so Mom can be assured he will always have a place to live.
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