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Yes, a life estate can be sold. It is a very challenging thing to value. The monthly value has to be determined, the expected life of the life estate holder also has to be estimated.
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∙ 14y ago
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Can property in a life estate be sold to an outsider?
The fee to the property can be sold but only subject to the right of the life estate holder to the use and possession of the property.
Does executor of estate have right to live in house that is being sold in the estate?
They can live in the home if it is to the best interests of the estate. They need to pay the appropriate rent in the process.
What are the rights of a life estate holder who sold his home to family with the right to live in it for life?
money
How can you find real estate buyers in Ottawa?
To find real estate buyers, one needs the right real estate agent. After acquiring a professional agent, then one must put up signs for the estate being sold and ads online for it.
Can a house in a life estate be sold?
Generally a life estate entitles the beneficiary to all property rights except the right to sell or otherwise transfer the fee in the property. It cannot be defeated by the conveyance of the property. If the house was sold the buyer would acquire it subject to the life estate. If the life estate holder desires to relinquish the life estate in order to sell the property then she/he may join in the deed of conveyance and the life estate will end.
If property with a life estate is sold who gets the money?
The person who owns the fee receives the proceeds from the sale. The life estate holder only has the right to use the property for life. If they relinquish their life estate the owner of the property can then sell it free and clear of the life estate.
Can one obtain a life estate after a property is sold?
No. Once the property has been sold the grantor no longer has any rights in the property. Therefore, they can no longer reserve the right to a life estate. If the new owner is agreeable, the property could be reconveyed to the prior owner, then they could draft a new deed reserving a life estate.
What if a Life estate was put in more then one name can home be sold?
A home that is subject to a life estate cannot be sold without the written consent of the life estate holder.
What is a life estate owner?
A life estate holder has the right to the use and possession of real property for the duration of their natural life. They do not own the property but the property cannot be mortgaged or sold by the fee owners without the consent of the life estate holder. The life estate is extinguished when the holder dies.
Can you as the executor make people move out of the house to be sold?
You certainly have the right to do so. The property belongs to the estate. The executor has the ability to sell the property.
Life estate put in more then one name can home be sold?
A property that is encumbered by two life estate cannot be sold or refinanced without the written consent of the life estate holders.
What happens to a home that is not sold and is part of an estate and the estate can no longer pay for the upkeep of this home?
The estate will have to sell or abandon the home.
