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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.
Ownership life cycle in real estate mean?
Ownership Life Cycle is the period during which one person or group owns a real estate asset. it typically has three phrases - acquisition: organization of the venture and development or purchase of the property - operation: property management and management of the company which owns the real estate - Disposal or termination: sale of the property and dissolution of the company, exchange of property, foreclosure, gifts etc
Who is the optionee in real estate?
The optionee is the person who pays the optionor for the right to buy a certain piece of real estate which the optionor owns.
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 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.
Can the widow sell house and lot for her purposes?
If she now owns the property, yes. If she only has a life estate, she cannot.
Who owns the house equity in a life estate deed?
The owner of the fee owns the equity in the property. The life estate holder only has the right to use and possession of the property for life. However, the life estate holder must consent to any mortgage affecting the premises.The owner of the fee owns the equity in the property. The life estate holder only has the right to use and possession of the property for life. However, the life estate holder must consent to any mortgage affecting the premises.The owner of the fee owns the equity in the property. The life estate holder only has the right to use and possession of the property for life. However, the life estate holder must consent to any mortgage affecting the premises.The owner of the fee owns the equity in the property. The life estate holder only has the right to use and possession of the property for life. However, the life estate holder must consent to any mortgage affecting the premises.
My future husband owns his house but his mom claims to have living rights what are living rights?
The proper term for what you described is a life estate. The mother must have conveyed her home to her son. When she made that transfer she reserved a life estate for herself. Generally, that means she has the right to live in the house for the rest of her life. Her son cannot mortgage or sell the house without her approval. Her son owns the property subject to her life estate. If he wants to add you to the deed he may convey the property to himself and you as joint tenants with the right of survivorship, or as tenants by the entirety after you are married, but the property will be subject to the life estate of his mother. The mother could extinguish the life estate by conveying it back to her son. Otherwise, it will expire upon her death.
Who owns the grain after a life estate is closed?
If the individual has died, the life estate has ended. At that point the rights to the property have ended and belong to the remainderman.
If property with a life estate is sold who gets the money?
The person who owns the fee receives the proceeds from the sale. The life estate holder only has the right to use the property for life. If they relinquish their life estate the owner of the property can then sell it free and clear of the life estate.
How can I find out who owns this house?
The best place to ask is the Estate Agent you were going to buy the house from.
Does the person who receives the life estate have to maintain the house and property named in life estate?
Generally, yes.
If the deed reads moms name to daughter with life estate rights who actually owns the house?
If you mean deed to daughter, with mom reserving a life estate, then mom owns a life estate, remainder to daughter. Mom has the right to live in the house, has the duty to maintain it, has the duty to pay taxes on it. If there's a mortgage, mom has to pay the interest. Daughter has to pay reductions in principal. Neither has the duty to insure it, but if mom insures it, mom gets the proceeds on any policy claim.
Can a life estate owner leave the property by will prior to the death of the grantor?
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.
Can a life estate be perfected by the grantee living for a certain period of time on the property?
Once a life estate is granted by the owner of the property it is perfected. That grantee owns the life estate for the duration of their natural life or until they release it to the fee owner in writing.A life estate cannot be created by a person simply living on the property.
What Life estate is measured by the life of a person other than the life tenant?
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
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.
