Shemar owns a starter home a few miles outside of the city center, and he wants to deed it to his grandson, Tyler. According to the paperwork Shemar had drawn up, Tyler will own the property as long as he continues to pay the property taxes on time. After the second missed property tax payment, ownership would revert to Shemar. What did Shemar place on the deed?

Question

Business

Carmen Tran

24 April, 01:13

Shemar owns a starter home a few miles outside of the city center, and he wants to deed it to his grandson, Tyler. According to the paperwork Shemar had drawn up, Tyler will own the property as long as he continues to pay the property taxes on time. After the second missed property tax payment, ownership would revert to Shemar. What did Shemar place on the deed?

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Kianna Lang · Answer 1

deed condition

Explanation:

Based on the scenario being described within the question it can be said that the Shemar placed a deed condition. on the deed. These conditions, also known as covenants, these are restrictions that prevent the new owner from using the property in a specific way, or adjusts how the transaction will be done. Such as in this case it will only be done as long as Tyler continues to pay the property taxes on time.