Difference between revisions of "Ladybird Deeds in Maryland"
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==Overview== | ==Overview== | ||
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| + | Maryland uses the term "Life Estate with Powers" rather than Ladybird Deed. | ||
===Sources=== | ===Sources=== | ||
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===Examination=== | ===Examination=== | ||
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| + | They are sometimes entitled “Life Estate With Powers”, but more often are just called a Deed. You have to look at the body of the deed to see if powers to convey or encumber have been retained by the life estate tenant. | ||
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| + | They will also contain a prohibition against replacing the remainderman/men. | ||
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| + | A life estate which reserves the power to mortgage or sell the property isn’t called a Lady Bird deed here, but rather a “life estate with powers”. Under our case law, the life estate tenant cannot switch out the remainderman, therefore even these remainders are considered to be vested. | ||
===Underwriting=== | ===Underwriting=== | ||
Latest revision as of 04:59, 14 August 2019
Contents
Overview
Maryland uses the term "Life Estate with Powers" rather than Ladybird Deed.
Sources
Compliance
Forms
Search
Examination
They are sometimes entitled “Life Estate With Powers”, but more often are just called a Deed. You have to look at the body of the deed to see if powers to convey or encumber have been retained by the life estate tenant.
They will also contain a prohibition against replacing the remainderman/men.
A life estate which reserves the power to mortgage or sell the property isn’t called a Lady Bird deed here, but rather a “life estate with powers”. Under our case law, the life estate tenant cannot switch out the remainderman, therefore even these remainders are considered to be vested.
