A survivorship deed is a legal document that establishes joint tenancy of property between two parties. When one party dies, the surviving party automatically inherits the deceased's part of the property.Know More
A survivorship deed negates the need for probate. When the surviving party dies, the property then goes into probate before it is passed to any heirs. Survivorship deeds are generally used by couples who want to ensure that the surviving partner is able to quickly take possession of the property after the other party dies.
A survivorship deed isn't used if there are more than two owners of a property.Learn more about Financial Planning
The parties listed in a life estate deed can initiate a revocation as the lawful owners of the property, according to FinWeb.com. Another option is to determine the parties committed fraud or were not in their sound legal mind, although this is difficult to prove and legal costs are high.Full Answer >
A deed can be transferred to another person by getting a certified copy of the existing deed, filling out a form, and then having the executed deed recorded by the jurisdiction where the property is located, according to J. Hirby for The Law Dictionary. Homeowners should be familiar with legal basics of real property ownership.Full Answer >
An escrow agreement is a legal document that defines the parameters of an escrow exchange. It names all parties involved, including the payor, payee and escrow agent. Escrow agreement may also refer to a document issued by a bank certifying securities and deposits held at that bank.Full Answer >
Five Wishes is a legal document that was written under the direction of the American Bar Association's Commission on Law and Aging, states Friends of Hospice. As long as the signing directions are followed, it is valid as it is in most states.Full Answer >