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If a property is in a life estate are you still able to sell it?
Wiki User
∙ 13y ago
You cannot sell property free and clear of a life estate unless the life tenant consents to the sale and releases their life estate. Otherwise, the buyer would take the property subject to the life estate.
Wiki User
∙ 15y ago
Wiki User
∙ 13y agoWhen property is subject to a life estate both the life estate holder and the fee owner or remainder persons must all sign any deed of sale otherwise the property will transfer subject to the life estate.
Wiki User
∙ 14y agoYou can try. However, If you were able to sell it the buyer would only have use of the property until your death. You should consult with an attorney to determine how the sale of a life estate is addressed by your state laws.
Wiki User
∙ 11y agoThere may be several possible scenarios but usually, no.
If they are the grantee of the life estate their privilege extends only to their being able to live there for the remainder of their life. Effectively they are tenants. They neither own the property, nor possess any interest in it, nor any other right to it.
However, it could be possible that the holder of the life estate and the grantor of the life estate could be one and the same (e.g.: they sold the property to someone else but retained a life estate to it).
If so, it is possible that in the contract of sale, they may have retained certain additional other rights (i.e.: mineral, water, etc).
The real estate contract of sale would, of course, had to have been drawn up to conform to this.
Wiki User
∙ 13y agoGenerally no since the buyer's right to the property would end with the death of the life tenant. It is more common for a life tenant to assign their rights in the property with the understanding those rights end with the death of the life tenant.
The grantee of a general life estate has the right to the use and possession of the property for life but no power to convey the property. However, there are certain circumstances under which the life tenant can sell. First, the right to sell the property can be set forth and included in the original grant. That is sometimes seen in older wills when a life estate is set forth for a surviving spouse. The will provides the surviving spouse with the right to the use, possession and profits from the property and the right to sell it during the lifetime of the life tenant. If the property isn't sold, the life estate expires upon the death of the life tenant and the fee passes free and clear to the remainderpersons.
Some states, including Florida, allow something called an enhanced life estate. With an enhanced life estate deed a person retains the right to take back or sell the property and keep all of the proceeds. An enhanced life estate deed must be drafted by an attorney who specializes in real estate and probate law. It must be drafted with specific language to be valid and must be valid under state law. A deed granting an enhanced life estate is sometimes called a Lady Bird deed.
On the other hand, if you own property that is subject to a life estate you cannot sell the property without the consent of the life estate holder who must release their interest in order to clear the title. If they don't consent and release their interest then the new owner takes the property subject to the life estate.
Wiki User
∙ 10y agoIn some cases, yes. However, the life estate expires upon the death of the original life tenant.
In some cases, yes. However, the life estate expires upon the death of the original life tenant.
In some cases, yes. However, the life estate expires upon the death of the original life tenant.
In some cases, yes. However, the life estate expires upon the death of the original life tenant.
Wiki User
∙ 11y agoYes, it is a right in property and can be transferred or sold. It is very difficult to value and most people have no interest in purchasing such a limited interest unless they are the remainderman.
Wiki User
∙ 13y agoYes. Courts have the power to transfer title to real estate if the plaintiff submits compelling evidence and prevails in their lawsuit.
Wiki User
∙ 10y agoIn some cases, yes. However, the life estate expires upon the death of the original life tenant.
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What happens with a life estate when the property is sold while the property owner is still alive. Is it automatically revoked?
Nothing happens to the life estate. The life estate remains as long as the person who holds it is still living. Any sale is based on the existence of the life estate. However, if the life estate has not vested, as in the life estate was to be left in a will and they haven't died yet, then the life estate is void.
How can you revoke a life estate in Tennessee?
You may not be able to do that. The holder of the life estate has to sign off on the property rights.
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.
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.
Whose financial asset is the life estate the remainder or the life tenant?
Generally:The life estate is an asset of the life tenant.The property is an asset of the remainder.Generally:The life estate is an asset of the life tenant.The property is an asset of the remainder.Generally:The life estate is an asset of the life tenant.The property is an asset of the remainder.Generally:The life estate is an asset of the life tenant.The property is an asset of the remainder.
In a life estate does the owner of real property still own the property if he has quit claimed the property to the remaindermen?
No. If the person who owned the land granted a life estate and conveyed the fee to the remaindermen then that person has transferred all her interest in the property. She no longer owns it.
You co-signed on your sons mortgage you have your own property in a life estate can your sons mortgage company have any rights to your property that is in the life estate?
If the property in which you have a life estate is a separate and distinct property from the property your son mortgaged (and you co-signed) then the lender has no rights in your life estate property. If the property your son mortgaged is the same property in which you have a life estate then if he defaults on the mortgage and the lender takes possession you will also your life interest in the property since you also signed the mortgage.
What does Life estate means if the property in debt?
the specifics may vary, but generally, a life estate means that you only have the property while you live. You can still lose the property, though, if you use it to secure a loan and then default on the loan. Call your lawyer.
Can a LIFE tenant sell the property if she cannot afford to pay utility bills?
The life tenant may be able to sell her interest in the life estate however, the term would still depend on her natural life. Upon her death the life estate is extinguished. Also, she will be responsible for any waste or damages to the property caused by her assignee. She should consult with an attorney who specializes in real estate law who can review her situation and explain her rights and options.
Who pays the property taxes on life estate?
The owner of the life estate.
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.
Can a person you sign the deed in a life estate sell the property while you are sill living on the in the house?
If you conveyed your property by deed and reserved a life estate, the property cannot be sold without your written consent, releasing your life estate. If you do not sign the deed, the new owner would take the property subject to your life estate.If you conveyed your property by deed and reserved a life estate, the property cannot be sold without your written consent, releasing your life estate. If you do not sign the deed, the new owner would take the property subject to your life estate.If you conveyed your property by deed and reserved a life estate, the property cannot be sold without your written consent, releasing your life estate. If you do not sign the deed, the new owner would take the property subject to your life estate.If you conveyed your property by deed and reserved a life estate, the property cannot be sold without your written consent, releasing your life estate. If you do not sign the deed, the new owner would take the property subject to your life estate.
