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.

Requirement

LIFR01 STG

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.

Exception

LIFX01 ALTA

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.

LIFX02 ALTA

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.

LIFX03 ALTA

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.

LIFX04 ALTA

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.

LIFX05 ALTA

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.

Schedule A

LIFS01 STG

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.