Washington Quitclaim Deed Form 1 - Free Download | Page 3
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property. If you sign a Quitclaim deed, you
can keep the right to possess the property
by retaining a life estate for yourself. A life
estate gives you the absolute right to live at
the property until you die. After you die,
the Grantee then has the right to
possession of the property.
Without a life estate, you
have no legal right to the
property at all after the deed
is signed and given to the
Grantee.
The Grantor with a life estate has some
duties towards the Grantee, such as not
destroying the property.
Should I retain a Life Estate
Some advantages of a life estate are:
The control you have until death;
Continuing eligibility for the tax
exemption program (for a Grantor
who qualifies);
No need for probate on death of
the Grantor (the property passes
automatically upon the Grantor's
death); and
A possible tax advantage. (Talk to a
tax advisor for more information.)
Some disadvantages of retaining a life
estate are:
For people who get Medicaid (the
State would have a lien on some of
the estate upon the Grantor's
death);
The Grantee not having full
ownership and control until the
Grantor dies; and
The Grantor's responsibility for
property taxes, insurance, and so on
until the Grantor dies.
Deciding whether to retain a life estate is
often hard. It can have many consequences.
If the Grantor expects to receive Medicaid
benefits, talk to a lawyer before deciding
whether to retain a life estate.
How do I fill out the Quitclaim form
In this publication we have included:
A sample form to help you
understand the instructions and
A blank form which the Grantor can
actually fill out and record.
You should type or print clearly. Use black
ink.
"Filed for Record at the Request of" - Fill in
your name.
"When Recorded Return to" - Fill in the
Grantor's name and address.
Grantor's Name - Fill in the full name(s) of
the person or persons transferring the
property. If the property is community
property, you must name both spouses or
domestic partners. If there is only one
Grantor, fill in only the first blank.
ConsiderationThis is the legal term for
what the Grantor is getting out of the deal.
Fill in the purchase amount. If the transfer
is a gift, fill in "one dollar and love and
affection."
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