Property is transferred in several ways through several deeds. One such deed is the life estate deed. Let me answer what is a life estate deed definition in simple terms. A life estate deed is a special deed that allows an owner to transfer his/her property to another person during his/her lifetime. In such a case the real owner however does not lose the ability to use the property.
Contact NoBroker’s legal experts to clear your doubts or get answers to questions relating to life estate deeds
What are the benefits of a life estate deed?A life estate deed has several benefits like-
There will be no legal issues associated with the property transfer
The time to transfer the property will be very less as all you need to do is show the deed in the court and get it approved
A life estate deed also helps one to avoid probate
Each deed has its own set of pros and cons. A life estate deed has several pros but the list of cons is always not very less. Here are some of them-
The real living owner cannot change the beneficiary without their consent
The real owner cannot mortgage their property anymore to avail of any loan
If the actual owner sells the property, they might not enjoy any benefit in respect of capital gains
If you still have doubt, seek a legal expert’s help. This is what I can say to answer what is a life estate deed.
Read More:
What is Gift Deed?
Can I sell a property with quit claim deed?
Is sale deed necessary for home loan?
Why conveyance deed is required?
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What is a Life Estate Deed?
Shakib
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2023-03-23T10:18:10+00:00 2023-04-04T16:44:01+00:00Comment
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