Posted on: 30th Jun, 2007 11:41 pm
My dad placed my name on a Quitclaim deed and I noticed that it said I have a life estate interest in the property. The property was put up for auction without my knowledge. Could someone explain what a life estate means on this quitclaim deed? And when I receive the interest do I still have a part in anything even though the property was purchased at auction? Thanks.
Hi Sylvia,
If you retain a life estate for yourself on signing a quitclaim deed, you can have the legal right to possess the property.You have the absolute right to the property till your death.
If you retain a life estate for yourself on signing a quitclaim deed, you can have the legal right to possess the property.You have the absolute right to the property till your death.
Hello Sylvia,
Under the United States Common Law,
"A life estate refers to an estate in property that ends at the death of the owner. This implies that the heirs cannot inherit the property after the owner passes away. Neither can the owner convey an interest exceeding what he actually owns in the land. Usually the life of the owner or any other person determines the quantity of life estate."
As life estate was on the quit claim deed, hence, the property is yours. Thus, your father or anyone else for that matter cannot sell the land without your consent and approval.
Please feel free to ask further. 8)
Under the United States Common Law,
"A life estate refers to an estate in property that ends at the death of the owner. This implies that the heirs cannot inherit the property after the owner passes away. Neither can the owner convey an interest exceeding what he actually owns in the land. Usually the life of the owner or any other person determines the quantity of life estate."
As life estate was on the quit claim deed, hence, the property is yours. Thus, your father or anyone else for that matter cannot sell the land without your consent and approval.
Please feel free to ask further. 8)
The property with home was auctioned off and I'm only getting the interest from the quitclaim deed. The property is now owned by the person who made the highest bid. Thats why I was wondering what it meant by life estate on the quitclaim deed. I was told that besides getting the interest that I own part of the lot as the title isn't free and clear. So now after I receive the interest I'm wondering what I'm suppose to do about this so called part of the lot I own. The property is in Florida and I live in Ky. The owner hasn't tried to contact me so I'm not sure whats going on.
Hi Sylvia,
I suppose the part of the lot you are talking about is included in the real property which is already sold off to another man.And now you have no access to that sold off property.There is given a description of the property in the quitclim deed you had signed in the past.Go through that description and consult with an attorney to clarify if you have further doubts.
I suppose the part of the lot you are talking about is included in the real property which is already sold off to another man.And now you have no access to that sold off property.There is given a description of the property in the quitclim deed you had signed in the past.Go through that description and consult with an attorney to clarify if you have further doubts.
Dear Sylvia
It is absolutely ok that you are receiving the interest from the part that you own. As jenkin7 has already talked about the life estate, hence you can file a case against the person who has sold the property without your consent. Also, I need to know, whether there are any liens to the property? Any loans attached to the property?
Rosetta
It is absolutely ok that you are receiving the interest from the part that you own. As jenkin7 has already talked about the life estate, hence you can file a case against the person who has sold the property without your consent. Also, I need to know, whether there are any liens to the property? Any loans attached to the property?
Rosetta
The property was sold at auction by the courthouse to pay off past taxes. They told me I was sent a certified letter in regards to the auction but they sent the letter to the address that was auctioned in Fla and I live in Ky. So there is nothing they say I can do about that and they do not try to locate people at the courthouse when the certified letter came back. This was auctioned for taxes owed they told me and I will be entitled to the interest which they are calling a "Loss"?
Well legally property cannot be sold off as you had a life estate over it. You can file a lawsuit to cancel the sale & ownership returned back to you.
If taxes were unpaid, they would stay as a lien over the property and only after your death the property can be sold for recovery of the tax lien. They can't sell it off now.
Contact an attorney to know what you need to do to file a lawsuit and regain ownership of this property.
Miller
If taxes were unpaid, they would stay as a lien over the property and only after your death the property can be sold for recovery of the tax lien. They can't sell it off now.
Contact an attorney to know what you need to do to file a lawsuit and regain ownership of this property.
Miller
As the life estate holder, you are responsible for property taxes. If you don't live at the property, you must change your mailing address at the local tax appraisal office, or whatever government agency bills for property taxes in that area.
You may be able to redeem the property from the tax sale by paying the back taxes. Check the tax appraiser's website or call to get information. Better yet, contact a local real estate attorney.
You may be able to redeem the property from the tax sale by paying the back taxes. Check the tax appraiser's website or call to get information. Better yet, contact a local real estate attorney.
can medicaid place a lien on a house that has a life estate interest. my mother will have to go to the nursing home and she has a life estate.
As your mother is not the owner of the property, I don't think the Medicaid will be able to place a lien on the property.
My mother passed away in 2008, but before she got down we took the property out of her name and put it in all of her children name, now my oldest sister is trying to get a mobile home put on the property and the community development block grant program wants us to sign a life estate interest form giving my sister permission for them to put a mobile home on the land, could you please explain this to me.
Hi Gloria!
Welcome to forums!
Your query has been answered in the given page:
http://www.mortgagefit.com/propertytransfer/life-estate-interest.html
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Your query has been answered in the given page:
http://www.mortgagefit.com/propertytransfer/life-estate-interest.html
Feel free to ask if you've further queries.
Sussane
whether life interest property can be sold
Hi Guest,
If someone has a life estate right on the property, then I guess, he/she will have to relinquish the rights and then sell off the property.
Thanks
If someone has a life estate right on the property, then I guess, he/she will have to relinquish the rights and then sell off the property.
Thanks
My mother left a life estate deed in her 6 childrens name. She passed away in 2004. I am one of the children. My brother passed last year. His wife the year before. He has 3 children. Is the property now in my 4 other siblings and my 2 nephews and niece. Or is it left to myself and the siblings.