Legal Question in Real Estate Law in Maine

Re: Life Estate

As a matter of real estate law, if the property was deeded to you by your parents, and you actually received the deed, and ideally recorded the deed in the County Registry of Deeds, and your parents only retained a life estate for themselves, then they cannot "take back" the deed to you. All they have left is a life estate.

However, as a matter of Elder Law, there is a statute found at 33MRSA1021 titled "Improvident Transfer of Title". The statute provides that if property is conveyed by someone over 60 to someone with whom a confidential relationship exists (this includes children), if the elderly person is dependent in any manner, then full market price needs to be paid for the property, or if its a gift, that the elderly person obtain a lawyer for the transaction. Failure to do this may mean that the transaction can be undone later.

Although it seems unlikely that the statute would apply to your situation it is not possible for me to know based upon the limited information you provided so far, so if the issue persists you should consult further with a lawyer.