This type of deed is an enhanced life estate deed. It is a special form of a life estate deed that gives the owner continued control over the property until his of her death. Once the owner dies, the property is transferred automatically to new owners with the need  for probate. A lady bird deed is revocable.The grantee owns a contingent remainder interest. Because it can be cancelled, it had no monetary value and there is no gift tax when the Enhanced Life Estate Deed is signed.

This type of deed includes a guarantee from the person selling the property to the person buying the property that he or she owns the property and that there is no one else who can claim an interest in the property. It is also a guarantee that the seller has the legal authority to sell the property to the buyer.

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This type of deed is the opposite of a warranty deed. There is no guarantee from the seller that he or she owns the property and that he or she can legally sell the property. The seller is merely selling to the buyer whatever interest he may or may not have in the property.

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This type of deed provides a limited warranty. The seller is assuring the buyer that he or she has not conveyed his or her interest to anyone else other than the buyer. However, there is no guarantee as to transfers and conveyances that occurred prior to the buyer obtaining the property.

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