Fill and Sign the General Warranty Deed Husband and Wife to Husband and Wife with Reserved Life Estates Texas Form

© 2016 - U.S. Legal Forms, Inc.       TEXAS GENERAL WARRANTY DEED [ Husband and Wife to Husband and Wife with Reserved Life Estates in Grantors ] Control Number: TX-067-78 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. GRANTEES TAKING PROPERTY IN A CONCURRENT ESTATE In the State of Texas real property can be held by more than one person (concurrent estates) in the following ways: A. If the Grantees ARE NOT married to each other, they can hold the property as: 1. Tenants in Common is 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” in legal rights but may differ in size. 2. Joint Tenants with the Right of Survivorship 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. B. If the Grantees ARE married to each other, they can hold the property as: 1. Tenants in Common – see above. 2. Joint Tenants with the Right of Survivorship – see above. 3. Community Property is a type of concurrent estate where all property acquired during the marriage, other than gift or inheritance, is considered to be community property. Community property carries no automatic right of survivorship. If Husband and Wife own their home as “pure” community property, they have created 50%-50% interests, but without a right of survivorship. Each may pass on his/her share (50%) of the home to whomever they name in their will. 4. Community Property, with the Right of Survivorship, is generally the same as Community Property above but with a significant difference. Adding the “right of survivorship” means that when one spouse dies, the other spouse will own the home outright (assuming proper filing is done) and receive a "stepped-up basis" for the entire home (if it has appreciated in value) for capital gains tax purposes. C. In the attached deed, the preparer will need to indicate how the Grantees will hold the property: as Tenants in Common; Joint Tenants with the Right of Survivorship; Community Property; Community Property with the Right of Survivorship. D. For additional information on the above see the definitions at: http://lawdigest.uslegal.com/ E. For example: “unto Grantees as Tenants in Common , hereinafter” F. Note: IF the Grantees elect to take the property as community property with the right of survivorship they MUST execute the Community Property Agreement contained in Exhibit A. III. DISCLAIMER These materials were developed by U.S. Legal Forms, Inc. based upon statutes and forms for the State of Texas. 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. IN NO EVENT SHALL U.S. LEGAL FORMS, INC. OR ITS AGENTS OR OFFICERS BE LIABLE FOR ANY DAMAGES WHATSOEVER (INCLUDING WITHOUT LIMITATION DAMAGES FOR LOSS OR PROFITS, BUSINESS INTERRUPTION, LOSS OF INFORMATION) ARISING OUT OF THE USE OF OR INABILITY TO USE THE MATERIALS, EVEN IF U.S. LEGAL FORMS, INC. HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. NOTICE OF CONFIDENTIALITY RIGHTS: IF YOU ARE A NATURAL PERSON, YOU MAY REMOVE OR STRIKE ANY OF THE FOLLOWING INFORMATION FROM THIS INSTRUMENT BEFORE IT IS FILED FOR RECORD IN THE PUBLIC RECORDS: YOUR SOCIAL SECURITY NUMBER OR YOUR DRIVER’S LICENSE NUMBER. GENERAL WARRANTY DEED 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:       SUBJECT TO life estates retained by the       and       , Grantors, to run consecutively. It is the intention of the Grantors that the termination or extinguishing of one Life Estate shall in no way affect the remaining Life Estate. RESERVATIONS FROM AND EXCEPTIONS TO CONVEYANCE AND WARRANTY : All covenants, conditions, easements and restrictions of record. General Warranty Deed Page 1 of 3 WITNESSETH : For TEN DOLLARS ($10.00) and other valuable consideration, the receipt and sufficiency of which is acknowledged, Grantor does GRANT, SELL AND CONVEY unto Grantees, as       , the Property, to have and to hold the Property unto Grantees and Grantee's heirs, executors, administrators, successors and assigns forever, subject to the Reservations and Exceptions. Grantor binds Grantor and Grantor's heirs, executors, administrators, successors and assigns to warrant and forever defend title to the Property to Grantees and Grantee's heirs, executors, administrators, successors and assigns, subject to the Permitted Exceptions, against every person whomsoever lawfully claiming or to claim the same or any part thereof. IN WITNESS WHEREOF, the Grantor has signed and sealed this deed on the ______ day of __________________ , 20 ______ . (1 st Grantor’s Signature) (2 nd Grantor’s Signature)             Print or Type Name Print or Type Name State of Texas County of __________________ This instrument was acknowledged before me on __________________ (date) by ______________________________ . Notary Public My commission expires:             Type or Print Name AFTER RECORDING, RETURN TO:       General Warranty Deed Page 2 of 3                   General Warranty Deed Page 3 of 3