Legal Question in Real Estate Law in Colorado

Deeds

Louise Aron

Attorney at Law

Lakewood Office:

1536 South Ingalls

Lakewood, Colorado 80232 USA

(303) 922 7687

fax (303) 922-1370

Cherry Creek Office:

300 South Jackson #100

Denver, Colorado 80209 USA

(303) 780-7339

Satellite offices:

Boulder - 4450 Arapahoe Avenue, #100

DTC - 4610 South Ulster, #150

A TOLL FREE NUMBER is available to clients outside the Denver metro area.

web site http://effectnet.com/la/

email: [email protected]

LawGuru User

Dear LawGuru User:

I don't have enough information to answer you with certainty.

However, it appears that a few properly drafted deeds will solve your problem. Deeds transfer interests between people who are alive and competent. Money can but need not be paid as consideration, depending upon the circumstances, and in many cases the document fee required by the county can be avoided.

Thank you for contacting LawGuru.

Sincerely,

Louise Aron

web site http://effectnet.com/la/

email: [email protected]

Re: Life estate

Several assumptions are necessary to respond.

(1) Mother in law is mentally competent or a

guardian has been appointed to handle her

affairs.

(2) Mother in law / guardian agrees to the

transaction.

(3) Mother in law is either receiving fair

consideration for her interest or desires to

make a gift of her interest in the property

to spouse.

(4) A true "life estate" as the term is used in

real estate law was retained in the

conveyance to sisters.

This unusual transaction involves two types of interests in land, present possessory interests and vested remainders.

Mother in law owns an interest in land that probably cannot be easily "revoked" like a leasehold interest.

Mother in law's ownership terminates at death, but until then, she is the only owner of the property with the right of possession. Thus, a deed from sisters alone to spouse would not convey a right of possession until mother in law's interest terminates.

To put the property in spouse's name, mother in law and sisters should convey their interests in the land by deed. The most simple way to do this would be by a single deed signed by mother in law and sisters.

Sisters can convey their remainder interests to spouse by deed, but mother in law would continue to be the owner of the life estate. Title with the right to possess and alienate (sell) the property would not pass to spouse until mother in law's demise.

My recommendation: Hire a lawyer to help you with this transaction as it is likely to be outside the expertise of a traditional title company. If mother in law is mentally infirm, take steps to be sure fair consideration is paid to mother in law for her interest to prevent the conveyance from being challenged later.