Have a title question for everyone. I work in an assessor's office doing deed transfers, and have come across a situation that my office has not dealt with before. The title to the property was held by grandpa and grandma. They warranty deeded it to mom and dad with life estate, and grandsons 1 & 2 with the remainder interest. Ten years later, mom and dad do a quitclaim that has mom and dad as life tenants quitclaiming to mom and dad as husband and wife. No mention of grandsons 1 & 2. My opinion is this deed is invalid. The apparent intent by mom and dad is to have title as husband and wife with grandsons as tenants in common. The office is divided on the issue. Some say that the life tenants have ownership rights and can do as they wish, as long as they are not encroaching on the rights of the grandsons. I think that the sons are losing some rights, and mom and dad are gaining rights that they never had to begin with. Especially since they were given the life estate interest by a third party. Sure, they could try to sell or mortgage their life estate interest, but who would be stupid enough to loan money on that alone? Right?
What rights do the life tenants and remaindermen actually have in the real estate?
Any opinions or comments are appreciated. We will probably seek counsel on this, but we're all a little hazy on the issue and any possible ramifications.