Hello and thank you for allowing me the opportunity to assist you. The other expert who was helping you referred your question to me.
Question: “Maybe it isn't different than a life estate. but whether it is or not what steps must I take in order to have this transaction legal?”
Answer: What you have suggested is indeed a life estate for your neighbor, and this would all be handled in the deed. Therefore, the deed should state that your neighbor conveys the property to you, but retains a life estate for herself. The deed should then be recorded in your county records office.
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DISCLAIMER: Please understand that the complexities of most legal problems cannot be adequately addressed in this setting, and that I am only licensed to practice law in the state of Maryland. Accordingly, you acknowledge (1) that we have not formed an attorney-client relationship, and (2) that my post is general information only and not specific legal advice.
Attorney-At-Law
Licensed in Maryland & Virginia