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My Florida Deed > Orlando Lady Bird Deeds

Orlando Lady Bird Deeds

An Orlando lady bird deed is a type of deed that provides a way for the owner of real estate property to maintain the use and control of their property throughout their life, with an heir or beneficiary becoming the rightful owner upon the previous owner’s death. Lady bird deeds are particularly beneficial because they allow heirs to avoid the probate process and take immediate control of the property.  Orlando lady bird deeds contain two important provisions, known as the life estate provision and the transfer on death deed. Our Orlando lady bird deed lawyers can help draft your documents.

The Life Estate Provision

Owned property is typically known as ‘fee simple,’ which means the current property owner has total control and ownership of the property. Any time a person wishes to transfer ownership through a standard deed with a life estate provision, the fee simple ownership divides into two different categories. These are the life estate and the remainder. The grantor, or the existing owner of the property, will retain control and use of the property until their death. The grantee, or the person the property is being transferred to, will take ownership of the remainder of the property upon the original owner’s death.

Without a lady bird provision, the grantor must first obtain the grantee’s permission to sell the property during their lifetime. A lady bird deed though, is also known as an enhanced life estate deed, which means obtaining the consent of the grantee is not necessary.

The Transfer on Death Deed

The transfer on death deed, otherwise known as the TOD deed, automatically and immediately transfers ownership to the grantee upon the grantor’s death. People often use TOD deeds in place of a will, as legal wills still have to go through the probate process. It is important to note that TOD deeds are not legally recognized on their own in Orlando. However, a lady bird deed is an effective way to achieve the same solution.

Drawbacks to Lady Bird Deeds in Florida

An Orlando lady bird deed can provide a solution for many people that wish to transfer property without the need for probate, but there are some drawbacks it is important to know about. These include:

  • Creditors can still place liens on the remaining interest outlined in the lady bird deed.
  • Lady bird deeds cannot be used to disinherit a minor child or a spouse.
  • If the grantee passes away before the grantor, it can become legally unclear about what happens to the remaining property after the death of the grantor.
  • Should a grantor decide in the future not to transfer the property to the grantee, it can create issues within the estate plan.

An attorney can fully advise on lady bird deeds, and when they are appropriate and when they are not.

Need a Lady Bird Deed in Orlando? Call Us!

An Orlando lady bird deed can bring many benefits and when you need one drafted, our attorneys at My Florida Deed can help. Call us today at 407-205-2906 or fill out our online form to obtain the deed form you need and to learn more about how we can help.

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WARRANTY DEED

A Warranty Deed conveys property from the old owner (Grantor) to the new owner (Grantee) together with a guarantee that the Grantor has legal right, title, and interest in the property being conveyed and is authorized to do so. The warranty being given by the Grantor assures the Grantee that no one else has a valid ownership claim in the property. Essentially, it is the Grantor promising the Grantee that the Grantor is the only rightful owner of the property, and as such, the Grantor has the full authority to convey the property. This type of deed further provides a promise from the Grantor to the Grantee that the Grantor will defend against anyone who might come forward at any time in the future and try to make a claim that they had an interest in the property at the time of the conveyance to the Grantee.

This type of deed is generally used when consideration is being paid for the sale of the property between two unrelated parties.

Flat Fee: $175.00

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*Does not include Documentary Stamps, if required by the State of Florida

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Quit claim Deed

A Quit Claim Deed conveys any interest that the old owner (Grantor) may have in the property to the new owner (Grantee). Although this type of deed does successfully convey any interest the Grantor may have, it does not provide a warranty, or guarantee, to the Grantee that the Grantor had the legal right, title, and interest in the property to convey it. That is not necessarily to say that the Grantor does not have the legal right, title, and interest in the property being conveyed. It just relieves the Grantor from binding himself to a promise made to the Grantee regarding the property interest being conveyed.

This type of deed is generally used for the conveyance of property between related parties or when no consideration is being paid, such as for a gift or estate planning purposes. This type of deed is also commonly used for property transfers made in connection with a divorce.

Flat Fee: $175.00

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LADY BIRD Deed

A Lady Bird Deed is a unique form of deed created by statute in the State of Florida, and a powerful tool to avoid probate. With the Florida lady bird deed, you give yourself a life estate interest in your property and appoint remaindermen to become owners immediately upon your death. A life estate is a right to live in the property until your death. Remaindermen are like beneficiaries of your estate, who have a future ownership interest. What makes Florida lady bird deeds so valuable is that you retain full interest in the real property. As the life tenant you reserve for yourself the right to sell, encumber, and otherwise do as you please with the real estate during your lifetime, and without and knowledge or consent of the remaindermen. You may also change the remaindermen at any point in time or even revert the whole interest back to yourself.

Flat Fee: $175.00

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CORRECTIVE Deed

A Corrective Deed can be executed and recorded to fix any errors in the original deed, including those that are otherwise fatal to the validity of the prior deed, such as an improper legal description. If the original deed contains significant errors, a new deed must be executed. A corrective deed is required when a grantor transfers property he or she once owned but does not any longer, errors that exceed simple typos in significance exist in the deed, or the deed lacks sufficient witness(es) or a notary acknowledgment. Invalid deeds can be rendered valid again if a Corrective Deed is made a matter of public record. Doing so clarifies the intent of the original deed.

Flat Fee: $175.00

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