Reference no: EM133331031

1. Barney and Betty Rubble, a married couple, own a home at 82 Harbaugh Way in Ann Arbor, Michigan. In their late sixties, they are retiring and moving to Hot Springs Village, Arkansas. They accepted an offer to purchase their home from George and Jane Jetson, also a married couple, who currently reside at 22831 Cherry Hill Road in Dearborn, Michigan. The purchase price is $482,500.00. Prepare a warranty deed for this transaction, using the form in Canvas (20 pts). See below for the legal description and tax ID number.

2. Fast forward a few years. The Jetsons have two children, Judy and Elroy. Elroy is single and lives with the Jetsons. He is 27 years old. Both George and Jane are in their early seventies and have experiences some health challenges over the past year. They have decided that they wish to "put Elroy on the deed" to their home. How would they accomplish this? What kind of deed should they use? work an appropriate deed that puts into the effect the Jetsons' intentions:

1. What is the legal status of George, Jane, and Elroy with respect to the home following the conveyance of the deed (i.e., are they tenants by the entireties, joint tenants, or tenants in common?

2. What are the benefits to George and Jane of using this kind of transaction to give Elroy an ownership interest in the property?

3. In what ways might George and Jane be harmed by conveying to Elroy an ownership interest in the property?