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Updated almost 13 years ago on . Most recent reply presented by

User Stats

78
Posts
9
Votes
Abdenour Achab
  • Investor
  • Folsom, CA
9
Votes |
78
Posts

Buying Remainder Estate: what to put in the legal description ?

Abdenour Achab
  • Investor
  • Folsom, CA
Posted

Let's say a property's legal is lot 1 block 2 of Abbottabad addition. And let's say John Doe owns a 1/6 Remainder Estate in the property, and the life estate is owned by my Roth IRA (tied to the life of John Paul and acquired from John Paul). If I want to buy John Doe's 1/6th Remainder Interest in lot 1 block 2 of Abbottabad addition, what legal description should I put in the Warranty Deed. Obviously, it shouldn't be lot 1 block 2 of Abbottabad addition, since John Doe does NOT own lot 1 block 2 of Abbottabad addition.

When I bought the life estate, it was a little simpler since we used a Quit Claim Deed. The legal in the Quit Claim deed is:
Interest of John Paul, but for his life only, remainder interest to John Doe, John Doe the second, John Doe the third, Jane Doe, Calamity Jane and Calamity Jane the second in lot 1 block 2 of Abbottabad addition.

Should the warranty deed from John Doe say:
John doe's 1/6 Remainder interest in lot 1 block 2 of Abbottabad addition

I could use a Quit Claim deed and simply list lot 1 block 2 of Abbottabad addition, but I would rather use a Warranty Deed.

I plan to have a lawyer review the deeds before I contact the 6 remaindermen and remainderwomen, but I want to get them as close to correct as possible before I have the lawyer review them.

Also, how does marriage affect who should sign the deeds. The 6 "kids" (as in 60 year old kids) acquired the remainder estates in 2000. They were about 50 back then, and at least two of them were probably married (women whose last name is different from their father's name). But the deed mentioned only the 6 "kids", not their spouses. One of the women is in Oregon, the other in Washington. Do their husbands have to sign the Warranty Deeds too, assuming the two states have community property ? Do I have to pay attention to who was married to who between 2000 and now ?

One last thing: I am looking for a free Iowa Warranty Deed form. More precisely, the Official Form # 101 of the Iowa State Bar Association. I can type my own from recorded documents I saw online, but would prefer not to.

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