Posted on: 06th Apr, 2011 10:00 am
If my mother quit deeds with a life estate a piece of property with a home on it, who now is responsible for the structural insurance? Who is responsible for the property taxes? and, who has the legal rights to use the property taxes for income purposes?
Hi Johnrs,
The person to whom the property has been quitclaimed will be responsible for paying the structural insurance and property taxes. The person whose name is mentioned on the property deed will be able to use the property taxes for income purpose.
Thanks
The person to whom the property has been quitclaimed will be responsible for paying the structural insurance and property taxes. The person whose name is mentioned on the property deed will be able to use the property taxes for income purpose.
Thanks