Posted on: 27th Jul, 2009 10:55 am
Can the grantor change the grantee (without the grantee's consent) if he choses to, on a Life estate/quit claim deed?
What legal rights does the grantee have while the grantor is still living in the home?
What legal rights does the grantee have while the grantor is still living in the home?
Hi debsantangelo!
Welcome to forums!
If the property has been transferred to the grantee by the grantor, then the grantee is the owner of the property. The grantor can retain a life estate on the property but he would not be considered as the owner of the property. The grantor cannot change the name of the grantee on the property deed without his/her permission.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If the property has been transferred to the grantee by the grantor, then the grantee is the owner of the property. The grantor can retain a life estate on the property but he would not be considered as the owner of the property. The grantor cannot change the name of the grantee on the property deed without his/her permission.
Feel free to ask if you've further queries.
Sussane
Who has to pay the bills on the property (the taxes, any upkeep, etc.) while the grantor and grantee are both residing at the home.
It is the grantee who is the owner of the property so he/she should pay for the maintenance of the property and other utility bills. The grantee can alone pay off the bills or the grantee and the grantor can share the bills amongst themselves.
My mother put my name on a life estate for her home, does this disqualify me for the first time home buyers credit ??? :cry:
Hi Union Guy!
Welcome to forums!
As far as I can understand, you may not qualify as a first time homebuyer if your name is mentioned on the life estate of the property deed. Nevertheless, you should contact a tax advisor and he/she can guide you in a better way in this regard.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As far as I can understand, you may not qualify as a first time homebuyer if your name is mentioned on the life estate of the property deed. Nevertheless, you should contact a tax advisor and he/she can guide you in a better way in this regard.
Feel free to ask if you've further queries.
Sussane