Posted on: 03rd Dec, 2008 03:21 pm
We live in Illinois, if that matters. My Grandmother has granted her Great-Grandson a Warranty Deed with a Life Estate for her home. Now she wishes to sell the property, but can she do it without his consent? The only wording is if he ever wants to sell it, there are three people that have an option to buy it.
Please Advise.
Please Advise.
Hi Joe!
Welcome to forums!
As far as I know, the grandmother cannot sell off the property without the great-grandson's consent. As she has signed a warranty deed, she has given the property to the great grandson. She only has the right to live in the property until death.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
As far as I know, the grandmother cannot sell off the property without the great-grandson's consent. As she has signed a warranty deed, she has given the property to the great grandson. She only has the right to live in the property until death.
Feel free to ask if you have further queries.
Sussane
Hi Joe
Life estate will only give the grandmother the right to live in the property until death. As far as I know, by signing the warranty deed, she has given away the ownership rights to of the property to her great grandson. She is no longer the owner of the property. Thus, as Sussane has said, she will not be able to sell the property without the great-grandson's consent.
Thanks.
Life estate will only give the grandmother the right to live in the property until death. As far as I know, by signing the warranty deed, she has given away the ownership rights to of the property to her great grandson. She is no longer the owner of the property. Thus, as Sussane has said, she will not be able to sell the property without the great-grandson's consent.
Thanks.
It depends on who has the life estate. In any event, you can sell the property, but as a general rule, you can only sell what you have. Thus, if the Grandmother has the life estate, she can only sell that. If she transferred the life estate, she can only sell the remainder.
Question? Life Estate/Warrenty Deed? What if the Grantor(grandmother,EX) outlives the Grantee(daughter) Does the property revert back to the Grantor???
Welcome Geri,
Your query has been replied to in the given page:
http://www.mortgagefit.com/annoucements/about52303.html
Please take a look at it. I hope it will help you.
Your query has been replied to in the given page:
http://www.mortgagefit.com/annoucements/about52303.html
Please take a look at it. I hope it will help you.
Can a person who has a life estate through a general warranty deed obtain a loan on the property.
Hi Mitch,
As far as I know, when a person creates a Life Estate Deed, then it gives them only the right to reside in the property. In such a situation, I don't think that person will be able to get a loan on the property.
Thanks
As far as I know, when a person creates a Life Estate Deed, then it gives them only the right to reside in the property. In such a situation, I don't think that person will be able to get a loan on the property.
Thanks