Posted on: 22nd Dec, 2009 11:09 pm
does having signed a quit claim deed;leaving me with a life estate;limit the amount that my son will get-if he sells this property after my death?
i was told by a lawyer at a seminar that my son would only be able to sell the condo in question at the same price which i bought it for.
this is in the state of colorado.
i was told by a lawyer at a seminar that my son would only be able to sell the condo in question at the same price which i bought it for.
this is in the state of colorado.
The question I asked is: when I am deceased and my son sells my property; will he be limited to receiving only the amount for which I bought the condo.
After your death, the life estate clause will become null and void and your son will become the sole owner of the property. Your son will have to appraise the property and check out the value of the property. The sale proceeds will depend upon the appraised value of the property.
what you were told is preposterous. there's no reason why someone would be limited to a specified price due to a life estate clause on a deed. what kind of lawyer was that? it couldn't have been a real estate lawyer.
