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what is the difference between a life lease and a life estate
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Can a life estate tenant sign a oil and gas lease?
It would depend on the type of life estate. In most cases, they would be able to sign a lease for the length of their life. However, in most states the remaindermen would also need to sign. It is common practice for oil companies to ask the remaindermen to ratify a lease signed by a life tenant. You should consult with an attorney who specializes in that area of law.
What if a Life estate was put in more then one name can home be sold?
A home that is subject to a life estate cannot be sold without the written consent of the life estate holder.
Difference between Reliance Life Insurance and LIC Which company is best In life insurance?
LIC
Can a house in a life estate be sold?
Generally a life estate entitles the beneficiary to all property rights except the right to sell or otherwise transfer the fee in the property. It cannot be defeated by the conveyance of the property. If the house was sold the buyer would acquire it subject to the life estate. If the life estate holder desires to relinquish the life estate in order to sell the property then she/he may join in the deed of conveyance and the life estate will end.
What type of real estate ownership is the most all-inclusive?
Ownership in fee simple is the highest form of real property ownership.
What is the difference between a will and a life estate?
A will is a method of allocating the value of one's estate on death. A life estate is a right in property.
Can you lease out a life estate?
Yes, a life estate can be leased out. It is still subject to the life of the person it was granted to. So that reduces the value unless the remainderman also agrees to the lease.
Does a farm lease terminate with the death of the life estate holder?
Yes, if the life tenant was the individual who executed the lease.
Do i have to live in the house in a life estate?
You do not have to occupy the property. You can lease it to someone else if you wish.
What is the Difference between sales type lease and capital lease?
Capital lease is that lease in which assets are acquired for substantial useful life of asset for use in business. Sale type lease is that in which discounted cash flow for miminum lease payment is higher than value of leased asset and only relevant to lessor.
Can a life estate tenant sign a oil and gas lease?
It would depend on the type of life estate. In most cases, they would be able to sign a lease for the length of their life. However, in most states the remaindermen would also need to sign. It is common practice for oil companies to ask the remaindermen to ratify a lease signed by a life tenant. You should consult with an attorney who specializes in that area of law.
Please give the word that this is the definition for The process of acquiring an interest not ownership in certain property?
That could be a life estate, easement or lease.
Who is entitled to the bonus on the lease of mineral rights in a life estate the life tenant or the remainderman?
The life estate normally gives the individual the rights to all the benefits of the land until their death. That would include any bonuses or other income generated by the property.
Can you break an apartment lease when the tenant dies if there is a 1 or 2 yr lease and the tenant dies unexpectantly is the estate resposible for the balance of the lease?
Depending on the state laws. Ohio is NO. Unless written into the lease as a clause clearly indicating the loss of life factor, then the end of the life is the end of the lease. The use cannot continue once the original lease holder dies. This is not necessarily true for property leased for a business. The business assets may be required for lease fulfillment then but NOT for lease of residential.
Can the life tenant release the life estate?
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.
What is the difference between a zafira club and a zafira life?
difference between club and life on vauxhall
What is the difference between a legal lease and an equitable lease?
Suppose the testator left all her property IN TRUST with the profits to be paid over by the trustee to her son during his life, then the property would pass to HIS children at his death. In that case, the son would have an equitable life estate. If the testator granted her son the right to use the property and receive the profits from it during his life with the property to go to his children at his death then he has a legal life estate.
