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Can the person of the life estate sublet the property without the property owner's knowledge?
Wiki User
∙ 13y ago
This depends on how liberally you want to interpret the life estate clause which states the life estate holder retains the right to use and enjoy the property for as long as they live.
The most conservative interpretation is that the person must live on the property.
The most liberal interpretation says that the property is theirs to do with as they please. They cannot encumber the property without the title holders permission though. No mortgages or long term leases.
You should consult with an attorney in your area who is familiar with the laws in your state.
Wiki User
∙ 13y ago
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When owners of property passes with no Will made will estate go into probate?
Without a will the property must go into probate. There is no other way to transfer the property.
Your sister and you share a property without your knowledge she has signed a contract with an estate agent is this valid?
If you are equal owners, the contract can only encumber your sister's half interest. She cannot contract to sell your interest.
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 someone other then the life estate holder take a mortgage out on the property without the life estate holders permission?
No. Only the fee owners can mortgage the property and they can only do so with the written consent of the life tenant.
What does LE mean after property owners names in Minnesota?
life estate ?
When pertaining to estate property in the state of TX does one sibling have the right to repair remodel property without permission from other siblings?
You haven't provided enough detail. If the estate has been probated and all the siblings are now equal owners then the answer is no. He needs permission from the other owners. If he is the court appointed executor, the property is still in probate and the property is in need of immediate repairs to prevent damage then the answer is yes.
Who is the owner of an estate?
An estate can be two things: all the property a living person owns and all the property a person owns at the time of their death. Once a decedent's estate has been probated the heirs-at-law or beneficiaries under the will become the owners of that property.
What happens to life estate in the mineral rights at that person's death?
The life estate expires when the life estate owner does and the mineral rights revert to the property owners in fee.
Who are Stakeholders in real estate industry?
Stakeholders of any industry means all those who are related to that industry, directly or indirectly. Therefore stakeholders of real estate industry are real estate developers, property brokers, home buyers, land owners, property owners, housing finance institutions and all those are related to real estate sector
A rental property was deeded over to siblings via a life estate deed transfer who is legally liable in the event the property is sued?
The siblings are the legal owners of the property so they would be legally liable. For example, if someone was injured on the property they would sue the legal owners. If the property taxes were not paid the legal owners would be liable and the property would be taken as against the legal owners.
Who can live in house after life estate?
After a life estate has been extinguished the fee owners, sometimes called remainders, have the right to the use and possession of the property.After a life estate has been extinguished the fee owners, sometimes called remainders, have the right to the use and possession of the property.After a life estate has been extinguished the fee owners, sometimes called remainders, have the right to the use and possession of the property.After a life estate has been extinguished the fee owners, sometimes called remainders, have the right to the use and possession of the property.
What is the law in Indiana when their is a quit claim deed on property and the co owner dies?
It depends on how the co-owners held title. If by survivorship the property automatically will become the sole property of the survivor. If held as tenants in common the decedent's interest will pass to their estate and distribute to their heirs.It depends on how the co-owners held title. If by survivorship the property automatically will become the sole property of the survivor. If held as tenants in common the decedent's interest will pass to their estate and distribute to their heirs.It depends on how the co-owners held title. If by survivorship the property automatically will become the sole property of the survivor. If held as tenants in common the decedent's interest will pass to their estate and distribute to their heirs.It depends on how the co-owners held title. If by survivorship the property automatically will become the sole property of the survivor. If held as tenants in common the decedent's interest will pass to their estate and distribute to their heirs.
