The attorneys of the Wynn Law Firm can assist you in the preparation of your deeds. Wynn Law Firm has found that many people simply desire a deed to be prepared without a title search. Over 40 years experience has shown the value of ordering a simple title search to ensure that the title to the property is free of title defects. Panama City bankruptcy attorney Charles Wynn has found that if a title defect exists it is easier and less expensive to resolve the issue while are parties are alive than waiting and discovering the title defect years later when people have died or moved away and a quiet title suit is required to cure the defect.
There are different types of deeds which can convey title. The fee simple deed conveys complete title to the property. Title can be conveyed by a warranty deed in which the grantor warrants the marketability of the title or by quit claim deed in which the grantor conveys or deeds any interest he has in the property. There are life estate deeds in which the grantor deeds the property to another party and reserves a life estate in the property. With this deed the grantor cannot get the property back or undo the deed without the other party agreeing to deed the property back. A life estate deed has often been used in the past to convey property to a child in order to avoid probate. The danger with this deed is first, you cannot change your mind later and demand for the deed to be undone. Second, the interest received by the child is a future interest in real property and is not protected from that child’s creditors. (Note: see protect assets under Bankruptcy.)
The attorneys of the Wynn Law Firm often utilize the deed known as the Lady Bird deed when a client desires to give a child a deed and reserve a life estate. This special type of deed enables the grantor, who reserves a life estate, to cancel the deed at any time during their lifetime for any reason. If the deed is not cancelled, the child receiving the property receives full title upon the death of the grantor.
If you are considering deeding property to your children or you desire to deed property and restrict its use, consider making a confidential appointment with Attorney Charles Wynn to discuss your options.