Michael owns property in Rochester and wants to transfer it to his daughter Jennifer while retaining the right to live on the property for the rest of his life. Under New York law, what type of deed arrangement should Michael use?
Correct Answer
B) Any deed type that reserves a life estate to the grantor
Under New York law, any type of deed can be used to create a life estate reserved to the grantor, with the remainder interest going to the grantee. The key is the language in the deed that reserves the life estate, not the specific type of deed used. Michael would retain the life estate while Jennifer receives the remainder interest.
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Sarah is purchasing a property in Albany, New York. The seller wants to convey the property with a deed that provides the maximum protection to Sarah as the grantee. Which type of deed should the seller use?
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