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What is the difference between a fee simple estate and a life estate?
Wiki User
∙ 15y ago
Ownership of real property is the broadest interest in land allowed by law in countries that allow private ownership of the land. It is referred to as "fee simple". Ownership in fee simple means you are the absolute owner. You can sell or give the land to someone else during your life or leave it to your heirs by your last will when you die. If you have no will the land will pass to your heirs according to the laws of intestate succession in your jurisdiction.
A life estate must be granted by the owner of the fee simple by deed or by will. A life estate is the right to use and possess a property during life. The owner of a life estate is called the life tenant. Someone else owns the land in fee simple. A life estate can only be revoked by the life tenant in writing but it cannot be transferred to their heirs. When the life tenant dies the life estate expires and the fee owners own the land free and clear of the life estate.
Wiki User
∙ 15y ago
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What is the difference between a life estate and a life lease?
what is the difference between a life lease and a life estate
What is the difference between a will and a life estate?
A will is a legal document that outlines how a person's assets are to be distributed after their death, while a life estate grants someone the right to use and enjoy a property during their lifetime. In a life estate, the individual has the right to live in the property or receive income from it, but ownership reverts to another party upon their death.
What is another name for estate of inheritance?
Another name for an estate of inheritance is FEE SIMPLE. In contrast, a life estate is not an estate of inheritance because it does not pass to one's heirs at death.
What type of real estate ownership is the most all-inclusive?
Ownership in fee simple is the highest form of real property ownership.
How do you buy in simple fee your life estate?
If you own a life estate and want to own the fee simple in that property then you must buy it from the owner.A person with a life estate has the right to the use and possession of the property for the duration of their natural life or whatever terms were made when the life estate was created. Some other person owns the fee simple in the property and they will acquire the use and possession of the property when the life estate has ended.See related question link.If you own a life estate and want to own the fee simple in that property then you must buy it from the owner.A person with a life estate has the right to the use and possession of the property for the duration of their natural life or whatever terms were made when the life estate was created. Some other person owns the fee simple in the property and they will acquire the use and possession of the property when the life estate has ended.See related question link.If you own a life estate and want to own the fee simple in that property then you must buy it from the owner.A person with a life estate has the right to the use and possession of the property for the duration of their natural life or whatever terms were made when the life estate was created. Some other person owns the fee simple in the property and they will acquire the use and possession of the property when the life estate has ended.See related question link.If you own a life estate and want to own the fee simple in that property then you must buy it from the owner.A person with a life estate has the right to the use and possession of the property for the duration of their natural life or whatever terms were made when the life estate was created. Some other person owns the fee simple in the property and they will acquire the use and possession of the property when the life estate has ended.See related question link.
Does a life estate override a fee simple absolute deed?
Yes. If property is subject to a life estate and then it's conveyed by deed, the property remains subject to the life estate until the life tenant dies or releases their life estate in writing.
Can you mortgage a fee simple deed with a life estate?
Yes. You can grant a mortgage on property owned in fee simple that is subject to a life estate. However, the life tenant must give their written consent by signing the mortgage. That way the lender can take possession by foreclosure, free and clear of the life estate, in the case of a default.
What are the essential features of freehold estate in fee simple?
The essential features of an estate in fee simple are that you can transfer the property by deed during your life and leave it to your heirs after your death. It is absolute ownership.
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Can you have a fee simple deed and a life estate clause on the same deed with 8 different heirs?
Yes. You could have a deed drafted that conveys your property to eight children while reserving a life estate for yourself.
