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franwhite · Joined: 25 Apr 2010 Posts: 1 1.42 Dollars($)

I am considering a Lady Bird Deed to have life estate and name my son as the remainderman. The house is currently mortgaged and will retain its current lien. I will continue the mortgage, taxes, insurance, etc. and have it pass to him upon my death. I will probably make a lump sum payment and pay it off in a year, Can a Title Company draw up the deed for me, or do I need an attorney to prepare it? Where is the deed recorded? After death, how does the remainderman obtain clear title.

adonis · Posted: Sun Apr 25, 2010 11:07 pm Post subject:

Welcome franwhite,

You can either take the help of a title company or an attorney to get the deed drafted for you. Once you fill out the deed, you will have to record it at the county recorder's office where the property is located. After your death, the life estate clause will become null and void and your son would become the owner of the property.

Guest

Will the deed be a warranty deed and does the property retain its existing title insurance and mortgage title insurance? I am the original owner of the property and it was closed in 2007 and these documents were done at that time. Is my name still listed on the title as owner, with his name added like a joint owner so I assure I retain homestead etc? I assume there is a stipulation to the life estate on the reverse of the title along with the lien, if any. Thanks for the previous answer.

jameshogg · Posted: Wed Apr 28, 2010 12:06 am Post subject:

Hi fran white,

If the property is free and clear, i.e, if you do not have a mortgage on that property, then you will be able to use a warranty deed to transfer the property to your son. If you want your son to have the sole ownership of the property, then your name will not be listed in the property deed. In that case, he will have to reapply for the homestead.

Thanks

Guest

I guess I didn't phrase my question right......I want to do the Lady Bird now, but probably won't pay off the loan completely for two years. So does a title insurance policy have to be done? and does the mortgage company have to be notifed that I am adding someone to the house deed? I do not intend to add anyone to the mortgage, only to the ownership when I die. What kind of deed is needed to do a lady bird and does the mortgage company need to be advised or just the country where it is located.
Thanks,
fran

Thank you,

Thank you.

adonis · Posted: Sun May 02, 2010 11:02 pm Post subject:

Hi fran,

As far as I can understand, you will be have to go for the title insurance policy. It is better to inform the lender if you are adding a person to the property deed. You can use a quit claim deed in order to add anyone to the property deed.

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