Fill and Sign the Lady Bird Deed 497308412 Form

© 2016 - U.S. Legal Forms, Inc. LOUISIANA ENHANCED LIFE ESTATE QUITCLAIM DEED [A.K.A. Lady Bird Deed] [Individual to Husband and Wife / Two Individuals] Control Number: LA-02-82 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. VENDEES TAKING PROPERTY IN A CONCURRENT ESTATE In the State of Louisiana, real property can be held by more than one person (concurrent estates) in the following ways: A. If the Vendees ARE NOT married to each other, they can hold the property as: 1. 2. B. 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. 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. If the Vendees ARE married to each other, they can hold the property as: 1. 2. 3. Tenants in Common – see above. Joint Tenants with the Right of Survivorship – see above. 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 property 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 Vendees 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 Vendees as described above…” Tenants in Common , the Property, as III. DISCLAIMER These materials were developed by U.S. Legal Forms, Inc. based upon statutes and forms for the State of Louisiana. 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. Prepared by: After Recording, Return to: ENHANCED LIFE ESTATE QUITCLAIM DEED [Individual to Husband and Wife / Two Individuals] State of Louisiana Parish of __________________ EFFECTIVE DATE: VENDOR: 1ST VENDEE: 1ST VENDEE'S ADDRESS: 2nd VENDEE: 2ND VENDEE'S ADDRESS: PROPERTY ADDRESS: LEGAL DESCRIPTION: See Exhibit A attached hereto and incorporated for all purposes. Enhanced Life Estate Quitclaim Deed Page 1 of 4 WITNESSETH: For TEN DOLLARS ($10.00) and other valuable consideration, the receipt and sufficiency of which is acknowledged, Vendor does QUITCLAIM AND CONVEY unto Vendees, individuals as , the Property, as described above, subject to a retained enhanced life estate in Vendor described further in the Reservations From and Exceptions to Conveyance and Warranty set forth below. TO HAVE AND TO HOLD unto Vendees, their successors and assigns forever, so that neither Vendor nor Vendor's successors, assigns, or legal representatives nor any person or persons claiming under Vendor 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 Official Records of Parish, Louisiana, affecting the Property. 3. VENDOR reserves unto himself, for and during his lifetime, the exclusive possession, use, enjoyment, and right of income of the property described herein. 4. VENDOR further reserves unto himself, for and during his lifetime, 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 VENDEES, as VENDOR in his sole discretion shall decide, except to dispose of said property, if any, by devise upon his death. Enhanced Life Estate Quitclaim Deed Page 2 of 4 5. VENDOR further reserves the right to cancel this deed by further conveyance, even to VENDOR, which may destroy any and all rights which the VENDEES may possess under this deed. VENDEES shall hold a remainder interest in the property described herein and upon the death of the VENDOR, if the property described herein has not been previously disposed of prior to VENDOR’S death, all right and title to the property remaining shall fully vest in VENDEES as owner subject to such liens and encumbrances existing at that time. The certificate of mortgage is hereby waived by the parties, and evidence of the payment of taxes produced, and the Notary is relieved of the requirement of filing this instrument. DONE AND PASSED, in the presence of ______________________________ and ______________________________ lawful witnesses on this ______ day of ______, 20______. Signature of Vendor Type/Print Name Signed, Sealed and Delivered in the presence of: __________________________________ Witness __________________________________ Witness STATE OF ____________________ PARISH OF ____________________ On this _________ day of _________________________, ________, before me personally appeared _______________________________, to me known to be the person (or persons) described in and who executed the foregoing instrument, and acknowledged that (he/she/they) executed it as (his/her/their) free act and deed. _________________________________ Notary Public Enhanced Life Estate Quitclaim Deed Page 3 of 4 Print Name: ____________________ My commission expires: ____________________ Vendee(s) Name, Address, phone: Vendor(s) Name, Address, phone: SEND TAX STATEMENTS TO VENDEE Enhanced Life Estate Quitclaim Deed Page 4 of 4 EXHIBIT A Vendor: First Vendee: Second Vendee: Street Address of Property: Legal Description: Enhanced Life Estate Quitclaim Deed Exhibit A EXHIBIT B* COMMUNITY PROPERTY AGREEMENT It is hereby agreed by and between and , Husband and Wife, Vendees herein, that the above described community property shall, in the event of the death of one spouse, vest in and belong to the surviving spouse. Signature of Vendee Type or Print Name Signature of Vendee Type or Print Name *For use by Vendees taking the real property as Community Property with the Right of Survivorship. Enhanced Life Estate Quitclaim Deed Exhibit B