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Can I use your form for a life estate deed of a property in

Customer Question
San Diego California?...
Can I use your form for a life estate deed of a property in San Diego California?
Submitted: 1 year ago.Category: Real Estate Law
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Answered in 8 minutes by:
7/28/2016
Real Estate Lawyer: KLAW, Arbitrator replied 1 year ago
KLAW
KLAW, Arbitrator
Category: Real Estate Law
Satisfied Customers: 1,846
Experience: I have over 20 years of experience in commercial real estate law, finance, consumer credit, landlord tenant, and business law.
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Good morning. A little background on life estates. A deed with a lifetime estate, or life estate, is a form of co-ownership of real estate between a life tenant and a remainderman, the other person(s) on the deed. The life tenant is entitled to occupy and use the property during his lifetime. When the life tenant passes, the life estate terminates, and the remainderman acquires full title to the property. A life estate can be used for several purposes, including avoiding probate. You can use our form, but review it and make sure it has the language as follows:

WITNESSETH, That the Grantor, for good and valuable consideration paid by the Grantee, the receipt of which is hereby acknowledged, does grant, sell and convey unto the said Grantee, all the rights, title, interest, claim or demand that the Grantor may have in the following described real property:

Property Address:___________________________________________________________________________Legal Description:_______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________EXPRESSLY RESERVING Life Estate in the above described property unto the Grantor and its assigns. The Grantor shall have full ownership, possession and use of the property, as well as the rents, revenues and profits generated by the property during the term of the Grantor's natural life. Upon the expiration of the Grantor's natural life, the ownership, possession, use, rents, revenues and profits of the above described property shall revert to the Grantee.

I hope this helps.

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Real Estate Lawyer: KLAW, Arbitrator replied 1 year ago

If you have any other questions just ask, if not please rate the question for credit and tracking. if you don't rate, I will not get paid.

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Real Estate Lawyer: KLAW, Arbitrator replied 1 year ago

If you have any other questions just ask, if not please rate the question for credit and tracking. if you don't rate, I will not get paid.

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