A Property Deed establishes the right to claim ownership of specific Property.
Property ownership changes include the transfer of a Property Deed from a seller (called the Grantor) to a buyer (called the Grantee).
Every state uses a few different types of Property Deeds but they all include some common information about the Property including:
There are a few different kinds of Property Deeds.
The different types are used to facilitate Property ownership transfer under the various conditions which may arise between a seller and a buyer.
Most, but not all, Property Deeds are recorded.
- A description of the Property described in a way that it cannot be confused with another Property
- The names of both the seller and buyer of the Property
- The official date of the Property transfer
A Life Estate Deed is a Property Deed that grants ownership of a parcel of real property to two separate parties: a Life Tenant, and a Remainderman.
A Life Estate Deed gives the Life Tenant complete use and ownership of the Property until that person dies.
Life Estate Deeds are usually used to avoid probate and ensure that an intended heir will receive title to the Property.
When the Life Tenant dies ownership of the Property is passed to the Remainderman without the necessity of a will or probate.