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No. Paying the taxes is their legal obligation and they may lose their life estate if they fail to pay. That action would provide the fee owner or remainders a reason to take the life estate to court for termination.
No. Paying the taxes is their legal obligation and they may lose their life estate if they fail to pay. That action would provide the fee owner or remainders a reason to take the life estate to court for termination.
No. Paying the taxes is their legal obligation and they may lose their life estate if they fail to pay. That action would provide the fee owner or remainders a reason to take the life estate to court for termination.
No. Paying the taxes is their legal obligation and they may lose their life estate if they fail to pay. That action would provide the fee owner or remainders a reason to take the life estate to court for termination.
Wiki User
∙ 11y ago
Wiki User
∙ 11y agoNo. Paying the taxes is their legal obligation and they may lose their life estate if they fail to pay. That action would provide the fee owner or remainders a reason to take the life estate to court for termination.
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In a life estate who pays for insurance?
Laws vary from state to state regarding the responsibilities of a life tenant. Generally, the life tenant has the responsibility for paying taxes, insurance, utilities, general maintenance and upkeep and other expenses. However, This is a sticky situation because if the life tenant does not pay property taxes the town can take the property for delinquent taxes. If the property isn't properly insured, there could be a loss in case of a fire or severe storm. Therefore the fee owner should always be actively involved in protecting their property.
Who is responsible for property taxes the beneficiary or the person with a life estate interest in the property?
You must consult with an attorney in your state. Generally, the life tenant is legally responsible for the property taxes but state laws vary.
When should a tenant stop paying rent for delinquent taxes?
The tenant should stop paying rent whenever the governmental agency to whom the taxes are owed threatens to foreclose or repossess the property. In that case, the tenant should demand (in writing) that the landlord pay the delinquent taxes. If the landlord refuses, the tenant should move (again, upon giving written notice to the landlord).
Is the life estate terminated if someone moves away from the property and stopped paying taxes for the past three years?
It depends upon the laws of your state. Usually, a "life estate" means exactly that - the grantee has the privilege of occupying or using the property for the remainder of their LIFE. Much depends on how the life estate was granted and worded. Read the wording. Are they required to maintain the property - pay the taxes on the property - etc - etc.? REGARDING THE UNPAID TAXES: If the grantee abandoned the property and ceased paying taxes on it - the grantor(s) actually owning the property had better be paying the taxes or it could be sold at a tax auction for the unpaid tax lien.
In the state of VA if property is sold for unpaid taxes does this dissolve the life estate?
Generally, property taxes owed to the town take priority. As the life tenant you should have paid the property taxes if you wanted to remain in possession of the property. You could pay the back taxes, interest and costs and redeem the property within the statutory period of redemption. However, if the taxes remain unpaid the land can be successfully taken and the life estate would be wiped out.You should consult a local real estate attorney to determine if you have a right of redemption.
Is the executor responsible for paying all taxes on an estate?
The estate is responsible for paying all taxes. The executor is responsible for making sure that the estate does so.
Is real estate tax property tax?
Yes real estate taxes are also referred to as property taxes.
Do you pay estate taxes on property left to you?
Generally the taxes are paid by the estate.
In a Life Estate tenancy who pays the taxes and insurance on the property the owners or the the tenant?
The tenant is the owner, fee simple, for his/her lifetime and pays taxes and insurance as anyone would on land they own. Instead of having an heir, a life estate has a 'remainder' (one who remains) and that person takes ownership after the demise of the life tenant because the deed/title was in the remainder's name all along. Yes?Who pays the mortgage is another question.No...the owner is the person who will receive it upon the death of the life estate. That is the person who would receive payment from the insurance company if it were, for example, destroyed in a fire while the tenant with the LED was living there. The person with the LED can't mortgage the property; can't sell the property; can't receive payment if the property is destroyed, so the owner would be responsible for paying the insurance and taxes. The LED holder is responsible only for utilities. In fact, the owner is responsible to pay upkeep as weel, because it benefits their future.
What happens to back taxes if the estate has no money?
If they are property taxes, there is a lien on the property. In those cases the property has to be sold to settle the debts. If there are no assets in the estate, the taxes won't get paid.
Who paid more taxes third estate or 1st estate?
No, they did not. They were exempted from paying taxes. Only the 3rd estate (the bourgeoisie) had to pay taxes.
What does real estate taxes mean?
The term "real estate taxes" means the taxes on the property that you own. Your real estate is the property itself. This tax is generally payed annually to your county.
