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Is the holder of a life estate allowed to rent the property while he is absent from the property?
Certainly! A life estate means he can use the property as he desires as long as he lives. That includes renting it out to others. It usually goes for a lot less then a normal rental, because it would end at the death of the life estate holder.
What happens when a property is conveyed by deed to the holder of a life estate?
The "life tenants" can reside on the property for their lifetime. They are responsible for taxes, maintenance and any improvements they choose to make and are required to keep the property maintained in at least the same condition as when it was awarded. They cannot rent, lease, sell or transfer the property. Nor is the property subject to creditor attachment by the debts belonging to the "life tenants". Upon the death of the "life tenants" the property reverts to those named as the "remainder men".
Can an executor charge rent to an heir that has lived in the property for 19 years and was the caregiver of the deceased?
The executor of the estate is responsible for the estate. Use of the estate property is an asset and they should pay rent.
Can an Administrator of a deceased estate rent out the estate property without consulting the beneficiaries?
Yes.
In a life estate does the remainder man inherit the property?
The remainderman can sell their interest as a remainderman in the property subject to the life estate. The life tenant has the right to the use and possession of the property for life.
What are the properties of a real estate agency?
Real property for sale and for rent.
Can you be evicted by someone who deeded property to you under a warranty deed but retains a life estate interest and moved away 1 year ago?
You don't own anything more than a "future interest" until the end of the life of the person with a life estate. Not only can the life tenant charge you rent and evict if you don't pay, the interim "owner" can rent the property to anybody at all and let them take care of trespassers.
If a property is sold with the consent of the life estate holder how much is that person entitled to receive from the proceeds?
That is a matter that must be negotiated between the fee owner and the life estate owner. Since the owner of the life estate has the right to occupy the property for the duration of their natural life free of any charges for rent, a fair value must be negotiated with that person. There is no set rule regarding this issue.
Can you rent a life estate in west Virginia?
Yes, the holder of a life estate can rent that estate. It is theirs to do with as they wish until their estate ends. That will be when they pass away. And because that is not known, such agreements are usually less expensive then others.
What if the owner of a life estate moves from the property?
There should be provisions for that in the documents that established the life estate.AnswerIn many cases the document that established a life estate is simply a reservation in a deed of conveyance- a statement that declared, "I hereby reserve a life estate". Some states address life estate rights and responsibilities in their legal codes. A life estate guarantees the use and possession of the property for the life of the life tenant. The life tenant may be able to rent out the property for income as long as they pay maintenance and taxes. However, that arrangement would terminate upon the death of the life tenant.If a life tenant stops using the property with the intention of not returning the owner can request that they release their life estate in writing and the release should be recorded in the land records to clear the title. If they refuse, the owner should consult with an attorney who can review the situation and explain the options, if any.
Can executor of an estate legally rent real estate out named in a will when one heir will not give permission?
There is no reason that the executor cannot lease estate property. As long as they get a fair market price for the lease. They would then be able to use the money to pay debts and taxes as well as maintain the property.
What is the difference in a house being for sale and for rent?
A sale of real estate means the owner wants to transfer the property to a new owner in return for a price.A rent of real estate means the owner seeks to allow someone the use and occupancy of the property in return for a price, usually by the month.A sale of real estate means the owner wants to transfer the property to a new owner in return for a price.A rent of real estate means the owner seeks to allow someone the use and occupancy of the property in return for a price, usually by the month.A sale of real estate means the owner wants to transfer the property to a new owner in return for a price.A rent of real estate means the owner seeks to allow someone the use and occupancy of the property in return for a price, usually by the month.A sale of real estate means the owner wants to transfer the property to a new owner in return for a price.A rent of real estate means the owner seeks to allow someone the use and occupancy of the property in return for a price, usually by the month.
