Lady Bird Deed
Lady Bird Deed
THIS LADY BIRD DEED (the "Deed") is made and executed on [Date], by [Your Name], of [Your Address], hereinafter referred to as the "Grantor," in favor of [Grantee's Name], of [Grantee's Address], hereinafter referred to as the "Grantee."
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I. Background
The Grantor is the sole owner of certain real property located at [Your Address], legally described as [Legal Description of Property]. The Grantor desires to convey a life estate interest in the Property while retaining certain rights during their lifetime, with the remainder interest passing to the Grantee upon the Grantor's death.
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II. Granting Clause
The Grantor hereby grants, bargains, sells, and conveys to the Grantee a life estate interest in the Property, subject to the reserved rights and conditions set forth herein.
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III. Reserved Rights
During the Grantor's lifetime, they reserve the following rights and powers concerning the Property:
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The right to possess, use, and enjoy the Property;
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The right to sell, mortgage, lease, or otherwise transfer the Property without the consent of the Grantee;
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The right to retain any income derived from the Property;
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The right to unilaterally revoke or amend this Deed without the consent of the Grantee;
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The right to designate a different remainder beneficiary in the event of the Grantee's predecease or incapacity.
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IV. Remainder Interest
Upon the death of the Grantor, the life estate interest conveyed to the Grantee shall terminate, and the full and absolute ownership of the Property shall vest in [Beneficiary's Name], or their successors or assigns, as the remainder interest.
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V. No Right of Survivorship
This Deed does not create a joint tenancy or any right of survivorship between the Grantor and the Grantee. The Grantee's interest is limited to a life estate, with the remainder interest passing as provided herein.
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VI. Covenants
The Grantor hereby covenants and agrees that they are lawfully seized of the Property in fee simple and have the right to convey the life estate interest herein conveyed, free and clear of any encumbrances except as specifically noted herein.
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VII. Execution
IN WITNESS WHEREOF, the Grantor has executed this Deed on the day and year first above written.
[YOUR NAME]
Date:
[GRANTEE'S NAME]
Date:
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On this [Date], before me, a Notary Public in and for said County and State, personally appeared [Your Name] and [Grantee's Name], known to me to be the persons whose names are subscribed to the foregoing instrument, and acknowledged to me that they executed the same for the purposes therein contained.
[NOTARY PUBLIC]
Date:
My commission expires:
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