Fill and Sign the Enhanced Life Estate Deed 497428693 Form

© 2016 - U.S. Legal Forms, Inc.       VERMONT ENHANCED LIFE ESTATE QUITCLAIM DEED [A.K.A. Lady Bird Deed] [Two Individuals / Husband and Wife to Husband and Wife / Two Individuals] Control Number: VT-04-82 I. TIPS ON COMPLETING THE FORMS The form(s) in this packet may contain “form fields” created using Microsoft Word or Adobe Acrobat (“.pdf” format). “Form fields” facilitate completion of the forms using your computer. They do not limit your ability to print the form “in blank” and complete with a typewriter or by hand. It is also helpful to be able to see the location of the form fields. Go to the View menu, click on Toolbars, and then select Forms. This will open the Forms toolbar. Look for the button on the Forms toolbar that resembles a shaded letter “a”. Click this button and the form fields will be visible. By clicking on the appropriate form field, you will be able to enter the needed information. In some instances, the form field and the line will disappear after information is entered. In other cases, it will not. The form was created to function in this manner. II. DESIGNATING HOW THE GRANTEES WILL HOLD THE PROPERTY: A. In the State of Vermont, real property can be held by more than one person (concurrent estates) in the following ways: 1. If the Grantees ARE NOT married to each other, they can hold the property as: a. Tenants in Common: a type of concurrent estate in which each party owns an undivided interest in the property that will pass to their heirs when the tenant in common dies. Generally their shares are “equal” but may differ in size. b. Joint Tenants with the Right of Survivorship ( JTWROS) : is a type of concurrent estate in which co-owners have a right of survivorship , meaning that if one owner dies, that owner's interest in the property will pass to the surviving owner or owners by operation of law, and avoiding probate. 2. If the Grantees ARE married to each other, they can hold the property as: a. Tenants in Common – See above b. Joint Tenants with the Right of Survivorship – See above c. Tenants by the Entirety - a type of concurrent estate formerly available only to married couples, where ownership of property is treated as though the couple were a single legal person. Like a JTWROS, the tenancy by the entirety also encompasses a right of survivorship, so if one spouse dies, the entire interest in the property passes to the surviving spouse, without going through probate. 3. In the attached deed, the preparer will need to indicate how the Grantees will hold the property: as Tenants in Common; Joint Tenants with Right of Survivorship; or, Tenants by the Entirety. B. For additional information on the above see the definitions at: http://lawdigest.uslegal.com/ C. For example: “. . . as tenants in common , . . . ” OR “. . . as tenants by the entireties , . . . ” OR “. . . as joint tenants with the right of survivorship , . . . ” III. DISCLAIMER These materials were developed by U.S. Legal Forms, Inc. based upon statutes and forms for the State of Vermont. All information and Forms are subject to this Disclaimer: All forms in this package are provided without any warranty, express or implied, as to their legal effect and completeness. Please use at your own risk. If you have a serious legal problem, we suggest that you consult an attorney in your state. U.S. Legal Forms, Inc. does not provide legal advice. The products offered by U.S. Legal Forms (USLF) are not a substitute for the advice of an attorney. THESE MATERIALS ARE PROVIDED “AS IS” WITHOUT ANY EXPRESS OR IMPLIED WARRANTY OF ANY KIND INCLUDING WARRANTIES OF MERCHANTABILITY, NONINFRINGEMENT OF INTELLECTUAL PROPERTY, OR FITNESS FOR ANY PARTICULAR PURPOSE. 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Prepared by:       After Recording, Return to:                         ENHANCED LIFE ESTATE QUITCLAIM DEED [Two Individuals / Husband and Wife to Husband and Wife / Two Individuals] EFFECTIVE DATE:       1 st GRANTOR:       2 nd GRANTOR:       1 ST GRANTEE:       1 ST GRANTEE'S ADDRESS:       2 nd GRANTEE:       2 ND GRANTEE'S ADDRESS:       PROPERTY ADDRESS:       LEGAL DESCRIPTION: See Exhibit A attached hereto and incorporated for all purposes.       WITNESSETH: For TEN DOLLARS ($10.00) and other valuable consideration, the receipt and sufficiency of which is acknowledged, REMISE, RELEASE AND FOREVER QUITCLAIM unto GRANTEES, husband and wife , as       Enhanced Life Estate Quitclaim Deed Page 1 of 3 , the Property, as described above, subject to a retained enhanced life estate in each Grantor described further in the Reservations From and Exceptions to Conveyance and Warranty set forth below . TO HAVE AND TO HOLD unto GRANTEES, their successors and assigns forever, so that neither GRANTOR S nor GRANTOR’ S successors, assigns, or legal representatives nor any person or persons claiming under GRANTOR S shall at any time hereafter have, claim, or demand any right or title to the Property or any part thereof, subject only to the following reservations and permitted exceptions ("Permitted Exceptions"). RESERVATIONS FROM AND EXCEPTIONS TO CONVEYANCE AND WARRANTY : 1. All unpaid taxes and assessments for the year       and all subsequent years. 2. All liens, encumbrances, easements, reservations, restrictions, covenants, easements, zoning ordinances, matters of survey and conditions of record in the County Clerk Official Records of       County, Vermont, affecting the Property. 3. GRANTORS reserve unto themselves , for and during the lifetime of each, the exclusive possession, use, enjoyment, and right of income of the property described herein. 4. GRANTORS further reserve unto themselves , for and during the lifetime of each, the right to sell, lease, encumber by mortgage, pledge, lien, or otherwise manage and dispose, in whole or in part, or grant any interest therein, of the property described herein premises, by gift, sale, or otherwise so as to terminate the interests of the GRANTEES, as GRANTOR S in the sole discretion of each shall decide, except to dispose of said property, if any, by devise upon GRANTOR’S death. 5. GRANTORS further reserves the right to cancel this deed by further conveyance, even to either or both GRANTORS, which may destroy any and all rights which the GRANTEES may possess under this deed. GRANTEES, and each of them, shall hold a remainder interest in the property described herein and upon the death of the GRANTORS, if the property described herein has not been previously disposed of prior to GRANTOR’S deaths, all right and title to the property remaining shall fully vest in GRANTEES as owner subject to such liens and encumbrances existing at that time. IN WITNESS WHEREOF , the GRANTOR S have signed and sealed this deed on the ______ day of __________________ , 20 ______ . Signature of Grantor       Type/Print Name Signature of Grantor       Type/Print Name Enhanced Life Estate Quitclaim Deed Page 2 of 3 State of Vermont , County of __________________ On this ______ day of ____________ , 20 ______ , before me, personally appeared ______________________________ to me known to be the person who executed the foregoing instrument, and he/she thereupon duly acknowledged to me that he/she executed the same to be his/her free act and deed. Given under my hand and seal this ______ day of __________________ , ______ . Notary Public State of ____________ My Commission Expires:             Print or Type Name State of Vermont , County of __________________ On this ______ day of ____________ , 20 ______ , before me, personally appeared ______________________________ to me known to be the person who executed the foregoing instrument, and he/she thereupon duly acknowledged to me that he/she executed the same to be his/her free act and deed. Given under my hand and seal this ______ day of __________________ , ______ . Notary Public State of ____________ My Commission Expires:             Print or Type Name AFTER RECORDING, RETURN TO:                   Enhanced Life Estate Quitclaim Deed Page 3 of 3 EXHIBIT A First Grantor:       Second Grantor:       First Grantee:       Second Grantee:       Street Address of Property:       Legal Description:       Enhanced Life Estate Quitclaim Deed Exhibit A