Warranty Deed for Parents to Child with Reservation of Life Estate - Maine: Fill out & sign online

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What happens when a life tenant dies?

After the death of the life tenant (or earlier termination of the trust), the remaining capital of the trust fund can then be passed on to other individuals, known as the remaindermen, or a separate trust, as set out in the will.

What is a life estate interest in Maine?

A life estate grants ownership of a property to another person for the duration of the other persons life and grants the holder the right to possess, control, and enjoy the property during the holders lifetime. 31 C.J.S. Estates 36 (2020); 1 Maine Prac., Real Estate Law Prac.

Does a life estate have to be recorded in California?

All that is required to transfer title is that an affidavit of death of life tenant or surrender of life estate, as relevant, be recorded with the county recorders office. During the period of the life estate, the life tenant has all the obligations of ownership, including paying the real property taxes and insurance.

What is the purpose of a quit claim deed?

What does a quitclaim deed do? A quitclaim deed transfers the title of a property from one person to another, with little to no buyer protection. The grantor, the person giving away the property, gives their current deed to the grantee, the person receiving the property.

What is a quitclaim covenant in Maine?

In a quitclaim deed with covenantcalled a special or limited warranty deed in some statesthe seller promises to defend the buyer only against the claims of persons claiming by, through, or under the seller.

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