Vermont Statutes Title 27 Sec. 653
Terms Used In Vermont Statutes Title 27 Sec. 653
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Grantor: The person who establishes a trust and places property into it.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
- Person: shall include any natural person, corporation, municipality, the State of Vermont or any department, agency, or subdivision of the State, and any partnership, unincorporated association, or other legal entity. See
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
§ 653. Definitions
In this chapter, unless a deed indicates an intention to the contrary:
(1) “Convey” means to grant, sell, gift, lease, transfer, or encumber real property, with or without consideration, including the ability to revise or revoke a deed.
(2) “Enhanced life estate deed” or “ELE Deed” means a deed in which:
(A) the grantor expressly reserves a common law life estate;
(B) the grantor expressly reserves the right to convey the property during the grantor’s lifetime;
(C) the grantee acquires a contingent remainder interest such that, prior to the death of the grantor, the grantee has no vested rights in the property; and
(D) upon the death of the grantor, title vests in the surviving grantee or, for a deceased grantee, title passes pursuant to section 658 of this title, subject to encumbrances of record.
(3) “Grantee” means one or more grantees and the grantee’s heirs and assigns.
(4) “Grantor” means one or more grantors, each of whom shall be a natural person, and the grantor’s heirs and assigns.
(5) “Revoke” means to negate an ELE deed and is accomplished when the grantor records a deed from the grantor to himself or herself.
(6) “Revise” means to change the grantee on an ELE deed and is accomplished when the grantor records a new ELE deed to a grantee other than, or in addition to, the grantee named in the prior ELE deed. A revised deed supersedes and replaces a prior ELE deed. To add an additional grantee to an existing ELE deed, the new ELE deed must name all grantees. (Added 2019, No. 145 (Adj. Sess.), § 1, eff. July 13, 2020.)