Posted on: 18th Feb, 2010 05:43 pm
My husband inherited an apartment building from his grandmother. However, his grandmother granted a life estate right to a family member on one of the floors of the building. My husband wants to sell the property. What do we do about the family member that has the life estate? Do they have to relinquish their rights for us to sell? Can we buy them out will the proceeds of the sale?
Hi shayec,
The family member who has the life estate rights to the property will have to relinquish his/her rights in order for you to sell off the property. You can definitely offer the person a certain sum of money in order to transfer the property to you.
Thanks
The family member who has the life estate rights to the property will have to relinquish his/her rights in order for you to sell off the property. You can definitely offer the person a certain sum of money in order to transfer the property to you.
Thanks
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