In NC if the life estate person moves out does that break the life estate so the remainder of the owners can sell the the house and land
The length of a life estate is measured by the duration of the life of the holder of the life estate. It lasts for the lifetime of the individual specified in the legal documentation creating the life estate.
Yes, joint tenancy and right of survivorship are closely related concepts. Joint tenancy refers to multiple owners holding equal shares of a property with a right of survivorship, meaning that when one owner passes away, their share automatically transfers to the surviving owner(s).
That means the grantor, or some other person named by the grantor, has the right to the use and possession of the property for the duration of their natural life. The life estate can only be released by the life tenant in writing or by the death of the life tenant.
Probably, given the cited circumstances. Some life estates are "determinable" meaning it automatically ends upon the occurrence of a specific event, other than the death of the life tenant. There are also those which are "condition subsequent", meaning the land is granted for a specific purpose, such as farming. A life estate can also be given to the life tenant for the life of some other person (estate pur autre vie). One of the constants of a life estate is, the tenant(s) cannot squander the property and must pay all expenses, taxes, utilities an so forth, unless there is a directive that states otherwise. The biggest factor obviously would be, if the person is a named life tenant and therefore has occupancy rights.
Yes. Unless there was some other arrangement made in the will such as a life estate where the life tenant is responsible or the beneficiary is made responsible.
No. The grantee of a life estate cannot leave the life estate in a will because a life tenant doesn't own the property, only the right to use it during their life. The life estate ends when the life estate owner dies. That's why it is called an estate for life. After the death of the life tenant there is nothing left to devise by a Will.Sometimes the owner of land simply grants a life estate to another party. In that case the grantor still owns the property subject to the life estate. When the life tenant dies the life estate is ended and the grantor still owns the property. In other cases the owner transfers the property in fee to new owners but reserves a life estate to herself or some other person. In that case the property is no longer owned by that grantor at the time of the grantor's death and so does not become part of the estate. In that respect, a life estate deed is an estate planning tool.
A life tenant has the use of the property as long as that tenant lives even if the deed holder dies. Exactly how the deed works depends on state law. It may need to be registered with the tax accessors office or some other agency and a tax or fee paid.
A life estate is not a fee interest and a bank will not loan money on real property unless it can take the property by foreclosure in the case of a default. The fee owners (or remaindermen) would need to consent to the mortgage. The exception is the "enhanced life estate" available in Florida and few other states whereby the life estate holder has the power to sell and mortgage the property during their life.
Only the person who signed is a party to the contract. The tenant who didn't sign is not bound by the lease.
Ohio is not a community property state so people who are married can acquire property in their sole name. If your husband added another person's name as a joint tenant with the right of survivorship the property will automatically pass to that other person if he dies. If he is a tenant in common with the other person you would inherit his half interest if he died intestate or left his interest to you in his will. You have no immediate rights in the property.
No. Only the fee owners can mortgage the property and they can only do so with the written consent of the life tenant.
Yes. She is the sole owner. If you are on the deed as a Joint Tenant, you have survivorship rights to the property. That means that the property would not be subject to probate, and does not become part of the decedent's estate. Full ownership passes automatically to you whether you are a "girlfriend", sister, uncle or any other person.