Posted on: 20th Jul, 2007 09:01 am
Upon entering into a contract to buy a reversion property, at what point is the title of the property transferred from the vendor to the buyer. I was wodering if it is after the initial lump sum is deposited into the vendors account, or whether it is upon the death of the vendor after all annuities have been payed.
In the event of the latter scenario, is it possible for family members to try to lay claim to the property upon the vendors death.
In the event of the latter scenario, is it possible for family members to try to lay claim to the property upon the vendors death.
Hi Carolina,
Welcome to Mortgagefit discussion board.
The buyer gets ownership of property only after death of owner. The seller retains full rights to remain in occupation of his home for rest of his life.
The other thing is that seller's family members cannot claim ownership of the house after seller's death as an agreement is made which is legal and results in transfer of ownership rights over to buyer after seller dies.
Do let me know if you have any other questions.
Thanks
Blue
Welcome to Mortgagefit discussion board.
The buyer gets ownership of property only after death of owner. The seller retains full rights to remain in occupation of his home for rest of his life.
The other thing is that seller's family members cannot claim ownership of the house after seller's death as an agreement is made which is legal and results in transfer of ownership rights over to buyer after seller dies.
Do let me know if you have any other questions.
Thanks
Blue
You can know more about reversion properties and how the buyer gets ownership after seller’s death from this page: http://www.mortgagefit.com/know-how/reversion-property.html
"Upon entering into a contract to buy a reversion property, at what point is the title of the property transferred from the vendor to the buyer. I was wodering if it is after the initial lump sum is deposited into the vendors account, or whether it is upon the death of the vendor after all annuities have been payed.
In the event of the latter scenario, is it possible for family members to try to lay claim to the property upon the vendors death."
this is a good resource to get details about reversion properties: 1st-for-french-property.co.uk/reversion-french-property/faq.htm
In the event of the latter scenario, is it possible for family members to try to lay claim to the property upon the vendors death."
this is a good resource to get details about reversion properties: 1st-for-french-property.co.uk/reversion-french-property/faq.htm