Life Estates
Underwriting Manuals
- TX 4.24 Delivery
- TX 5.24 Exceptions And Reservations
- TX 11.20 Life Estates
- TX 17.54 Rule Against Perpetuities
Standard Exceptions
Bulletins
- No references available.
Forms
- No references available.
Table of Contents
LIF
Life Estates
Life estates may be created by will, intestacy or deed. If a life estate is “reserved,” questions may exist as to whether the remainder was in fact properly granted, the deed was delivered, or the grantor was competent. You must obtain the Company’s approval to insure a life estate or remainder.
Requirements
LIFR01
STG
12/01/1995
V
2
Life Estate – Proof Ended or Joinder
Life estate in favor of ________________________ created by ____________. If said person is alive, he or she must join in the execution of the proposed instrument; if said person is deceased, satisfactory proof of the fact of death and of the date thereof must be made a matter of record either by separate affidavit or by an adequate recital in the proposed deed or mortgage. At that time, the Company may make additional requirements or exceptions.
Comment: If a separate life estate has been created by a conveyance or reservation, you must ascertain that there is no issue of delivery of the instrument or of competency of the grantor who created that interest.
Comment: If a separate life estate has been created by a conveyance or reservation, you must ascertain that there is no issue of delivery of the instrument or of competency of the grantor who created that interest.
See Underwriting Manual
Exceptions
LIFX01
ALTA
12/01/1995
V
2
Life Estate
_____________, as to a life estate, created by document recorded ____________.
Comment: If a separate life estate has been created by a conveyance or reservation, you must ascertain that there is no issue of delivery of the instrument or of competency of the grantor who created that interest.
Comment: If a separate life estate has been created by a conveyance or reservation, you must ascertain that there is no issue of delivery of the instrument or of competency of the grantor who created that interest.
See Underwriting Manual
LIFX02
ALTA
12/01/1995
V
2
Life Estate with Power of Sale
_____________, as to a life estate, with power of sale, as created by document recorded _____________.
Comment: If a separate life estate has been created by a conveyance or reservation, you must ascertain that there is no issue of delivery of the instrument or of competency of the grantor who created the interest. You must secure the Company’s approval in order to insure based upon a power of sale provision.
Comment: If a separate life estate has been created by a conveyance or reservation, you must ascertain that there is no issue of delivery of the instrument or of competency of the grantor who created the interest. You must secure the Company’s approval in order to insure based upon a power of sale provision.
See Underwriting Manual
LIFX03
ALTA
12/01/1995
V
2
Reversion
_______________, as to the reversion interest, after the life estate of _______________ as created by document recorded ______________.
Comment: If a reversion or remainder is created by a conveyance or reservation, you must ascertain that there is no issue of delivery of the instrument or of competency of the grantor who created the interests.
Comment: If a reversion or remainder is created by a conveyance or reservation, you must ascertain that there is no issue of delivery of the instrument or of competency of the grantor who created the interests.
See Underwriting Manual
LIFX04
ALTA
12/01/1995
V
2
Remainder
______________, as to the remainder, after the life estate of ______________, as created by document recorded ______________.
Comment: If a reversion or remainder is created by a conveyance or reservation, you must ascertain that there is no issue of delivery of the instrument or of competency of the grantor who created the interest.
Comment: If a reversion or remainder is created by a conveyance or reservation, you must ascertain that there is no issue of delivery of the instrument or of competency of the grantor who created the interest.
See Underwriting Manual
LIFX05
ALTA
12/01/1995
V
2
Life Estate Vesting
______________, as to a life estate, and _____________ as to the remainder.
Comment: Life estates may be created by will, intestacy or deed. You must secure the Company’s approval in order to insure a life estate created by will or to insure a transaction based upon a power of sale granted with the life estate. If a life estate is created by an individual, you must verify the delivery of the instrument and competence of the grantor. You must secure the Company’s approval in order to insure on this interest.
Comment: Life estates may be created by will, intestacy or deed. You must secure the Company’s approval in order to insure a life estate created by will or to insure a transaction based upon a power of sale granted with the life estate. If a life estate is created by an individual, you must verify the delivery of the instrument and competence of the grantor. You must secure the Company’s approval in order to insure on this interest.
See Underwriting Manual
Schedule A
LIFS01
STG
12/01/1995
V
2
Life Estate
An estate for the life of ______________ as created by the instrument recorded ________________.
Comment: Life estates may be created by will, intestacy or deed. You must secure the Company’s approval in order to insure a life estate created by will or to insure a transaction based upon a power of sale granted with the life estate. If a life estate is created by an individual, you must verify the delivery of the instrument and competence of the grantor. You must secure the Company’s approval in order to insure on this interest.
Comment: Life estates may be created by will, intestacy or deed. You must secure the Company’s approval in order to insure a life estate created by will or to insure a transaction based upon a power of sale granted with the life estate. If a life estate is created by an individual, you must verify the delivery of the instrument and competence of the grantor. You must secure the Company’s approval in order to insure on this interest.