Q: Question regarding a one dollar property deed transfer and a life estate right on the same document
I have a deed where the grantor transferred property to grantee for 1$. In the same deed the second sentence is that the grantor conveys a Life Estate to the grantee for his natural life. The grantor later made a will and left the same property to the different person, and no taxes of any type where ever paid for $1 property transfer by any party.
Question: Who will be the property owner after grantee's death? beneficiaries of the grantor , or beneficiaries of the grantee's?
A: The owner of the property is the party named as the grantee in the recorded deed subject to the life estate.
Lawyers, want to be a Justia Connect Pro too? Learn more ›
- New Jersey
- (718) 442-2010
- View Profile
- Answered
A:
You said the grantor conveyed a life estate to the grantee but you probably meant "grantor**." Anyway, provided the earlier deed was recorded (you did not specify - you only said you had it) the grantor's Will matters not because AT MOST he retained a life estate that dies with him, leaving nothing for his will to dispose of. As for the deed reflecting “one dollar and other good and valuable consideration” or something similar, this language is there to recite consideration - it's usually not the actual price paid. And, this also has no bearing on ownership. Assuming the grantor retained a life estate, the grantee becomes the "full" owner on the day grantor dies.
** If you did not mean grantor, please rephrase the question because I don't follow.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
