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Yes. The transaction should be handle by an attorney to make certain the deed is drafted appropriately for your jurisdiction.
Yes. The transaction should be handle by an attorney to make certain the deed is drafted appropriately for your jurisdiction.
Yes. The transaction should be handle by an attorney to make certain the deed is drafted appropriately for your jurisdiction.
Yes. The transaction should be handle by an attorney to make certain the deed is drafted appropriately for your jurisdiction.
Wiki User
∙ 11y ago
Wiki User
∙ 13y agoIn the United States a life estate can be used as an estate planning tool. An older person (or anyone) can transfer the title to their property to someone else (their children, for example) and reserve a life estate. That means they no longer own the property but have the right to use and occupy the property for the duration of their natural life. When they die the life estate is extinguished and the property is owned free and clear by the title owners. The need for probate has thus been avoided. Another common use is for a testator who owns real estate to grant a life estate to a special friend, relative or spouse in their will and devise the title to the property to someone else upon the death of the life tenant. During the life of the life tenant any sale or mortgage of the property would need to be signed by the life tenant.
Wiki User
∙ 15y agoSure, assuming someone would want it. It's not real tempting to acquire an estate that's going to terminate when the transferor's life terminates.
Wiki User
∙ 11y agoYes. The transaction should be handle by an attorney to make certain the deed is drafted appropriately for your jurisdiction.
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What is an RPTT or RETT?
RPTT = Real Property Transfer Tax RETT = Real Estate Transfer Tax
Can life Estate Property be sold to a Sibling?
Yes, but the property would remain subject to the life estate. You should seek the advice of an attorney who specializes in real estate law in your area to draft a proper deed and explain the consequences of the transfer.
Transfer real estate property by will?
The transfer is done by the executor of the estate once the estate is settled. The will indicates who gets the rights in the property, but they are still subject to mortgage and liens and other items.
Does the owner of a life estate to a residence also have life estate to property the dwelling is on?
Unless the life estate was restricted to the dwelling only the life tenant has the right to the use of the real property for the duration of their natural life. A life estate is an interest in the real property upon which the dwelling sits. The property affected by the life estate is the premises described in the deed to the property.
Does an estate have to go into probate if there is a will in place?
If there are bank accounts, investment accounts, life insurance, real estate or any other property owned by the decedent then the estate must be probated. An executor must be appointed by the court and will be given the authority to transfer the property. For the title to real property to vest in the heirs the estate (will) must be probated.
What is life estate in Fla?
A life estate is a right in real property based on the life of a person. It allows that person the use of the property for their lifetime.
What is meant by convey real estate?
Convey, in the law of real property, means to transfer the title to real estate from one owner to another by virtue of a written instrument that we call a deed. Think of "convey" as a substitute for "sell" when you are speaking of the transfer of real estate.
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.
What is economic life in real estate?
Economic life is defined as the time over which improvements to real property ... shorter lives, to support investments in real estate.
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 a person who only has the right to the exclusive possession use and enjoyment of property sell the property?
You seem to be describing a life estate. The holder of a life estate in real property cannot sell the property because they don't own it. They can transfer their life interest to another person but it would still end upon the death of the original holder. The exception is states that allow "Enhanced Life Estates". Florida is one example. The owner of an enhanced life estate can sell the property.
What if the heirs do not have money to pay probate and the estate is only real estate?
In order to transfer the real estate, they will have to have an estate and someone with authority to sell the property. The executor could take a loan out against the property to resolve the debts or to cover costs until sale.
