Posted on: 29th Nov, 2010 09:50 am
my grandmother has a life estate deed on her house in which her son is signed as the grantor. she is recently in the process of selling the house to move into assisted living, yet will her son be entitled to half the money or do we need to have him sign the quit claim deed?
Hi karaburnham!
Welcome to forums!
If the son's name is mentioned on the property deed as one of the owners of the property, then he will be able to claim his share of the money from the sale proceeds.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If the son's name is mentioned on the property deed as one of the owners of the property, then he will be able to claim his share of the money from the sale proceeds.
Feel free to ask if you've further queries.
Sussane
A person can only transfer the property interest held by that person. In this case, your grandmother can only transfer her life estate, which is not very marketable. You need to get the "remainderman", that is, the person who gets the property after death, to sign a quitclaim deed to your grandmother. The two interests merge, and your grandmother will then hold complete title which is marketable and she can transfer.
