You should consult with an attorney who specializes in real estate law to determine your options in your jurisdiction.
You should consult with an attorney who specializes in real estate law to determine your options in your jurisdiction.
You should consult with an attorney who specializes in real estate law to determine your options in your jurisdiction.
You should consult with an attorney who specializes in real estate law to determine your options in your jurisdiction.
You should consult with an attorney who specializes in real estate law to determine your options in your jurisdiction.
As long as there is notice of the life estate in the public land records the bank would need the life tenant's signature on the mortgage and note in order to wipe out the life estate. If the life tenant didn't sign the original mortgage and note then the bank has a problem. If it forecloses, it would acquire possession of the property SUBJECT TO the life estate.
A life estate is extinguished by the death of the life tenant or by the life tenant executing a deed of release of the life estate.
The owner of a life estate is called the life tenant.
A life estate expires when the life tenant dies. A life tenant doesn't own the property, it doesn't become part of their estate and therefore they cannot leave it to their heirs in their will. When a life estate is set up in a deed or will there is also a 'remainderman' who will own the property when the life tenant dies.
The life tenant does not have to sign the deed that creates the life estate unless there are specific conditions mentioned in that deed that will obligate the life tenant.In order for the property to be conveyed free of the life estate the life tenant must sign that deed as their consent.The life tenant does not have to sign the deed that creates the life estate unless there are specific conditions mentioned in that deed that will obligate the life tenant.In order for the property to be conveyed free of the life estate the life tenant must sign that deed as their consent.The life tenant does not have to sign the deed that creates the life estate unless there are specific conditions mentioned in that deed that will obligate the life tenant.In order for the property to be conveyed free of the life estate the life tenant must sign that deed as their consent.The life tenant does not have to sign the deed that creates the life estate unless there are specific conditions mentioned in that deed that will obligate the life tenant.In order for the property to be conveyed free of the life estate the life tenant must sign that deed as their consent.
You can have the tenant quit claim their rights to the property. Or sell the life estate to the remainderman.
There is no such thing as a verbal life estate. A life estate must be granted in writing. Therefore whatever "verbal" agreement you have, it is not a life estate. You should consult with an attorney or landlord/tenant agency in your area to determine if your tenant must be given notice to leave the premises.
Yes. The remainders actually own the fee in the property. They have the right to have the property maintained in good condition by the life tenant. If the life estate holder is wasting the property the remainders can sue in court to have the life estate terminated. Upon the death of the life tenant or the release of the life estate they will have the right to full use and possession of the property.
Yes. The grant was for the life of the original life tenant and that right is all the life tenant can assign.
AnswerNo, a life tenant has the use and possession of the property for the duration of their natural life. Upon their death the life estate is extinguished. The property does not become part of their estate.
A life estate can be dissolved by the life tenant voluntarily surrendering their rights, or through a legal action by the remainderman to terminate the life estate. Dissolution can also occur through mutual agreement between the life tenant and the remainderman, or if the terms of the life estate end naturally, such as upon the death of the life tenant.
Waste by the life tenant would provide grounds for terminating the life estate by a court order.