I do know that the giver/donor can remain on property til remainder of his life.Then the reciever would then be the true owner. I ask cause if any issues arise with the property whom do the circumstances or situations belong to legally.
Its in Texas. I just want to know is it donor or reciever
Divorce / Separation Lawyer
The Grantor would be the party who transfers title in real property (seller, giver) to another (buyer, recipient, donee) by grant deed or quit claim deed.
You will need to make sure that when the deed is prepared that the life estate is created which will allow the grantor(s) who conveys property to the grantee, to maintain an interest in the property during the lifetime of the grantor(s).
Essentially the person who receives the life estate is not the owner but has the right to use property during their lifetime. The Life tenant has essentially all the same rights as the owner such as living in the property, renting out the property, excluding people from the use of the property. The life tenant must maintain the property and is not allowed to destroy the property.
For More information afeel free to email me at Bryan@BryanFagan.com or call me at 281-537-2171 or visit my website at www.springdivorce.net
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