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 ELG!
Welcome to forums!
Your mother left a life estate deed for you and your siblings and not for your nephews and niece. In that case, presently, you and your 4 other siblings are the owners of the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Your mother left a life estate deed for you and your siblings and not for your nephews and niece. In that case, presently, you and your 4 other siblings are the owners of the property.
Feel free to ask if you've further queries.
Sussane
My brother in-law is in a rest home and probably won't get out.he signed a power of attorney for my sister.The house is paid of but is in bad condition and about 100 years old.She needs more income to live. People from church and neighbors trying to get the house from her.Should I help with RM or LE.
Hi neilcocroft!
Welcome to forums!
Your sister will be able to get a reverse mortgage only if she is 62 years old and has some equity in the property. If she satisfies these two criteria, then you can go ahead and originate a reverse mortgage for her. But I did not understand how you would be able to help your sister with a life estate.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Your sister will be able to get a reverse mortgage only if she is 62 years old and has some equity in the property. If she satisfies these two criteria, then you can go ahead and originate a reverse mortgage for her. But I did not understand how you would be able to help your sister with a life estate.
Feel free to ask if you've further queries.
Sussane
I have a life estate on 200 acres. My stepchildren are the remaindermen. Can I place a lien on this property? What does one do with alife estate on 200 acres that has no water, no electric, nothing except an old road going to it?!
Hi Marie,
You can place a lien on the property. But in order to do so, you need to file a lawsuit and get a judgment in this regard.
Thanks
You can place a lien on the property. But in order to do so, you need to file a lawsuit and get a judgment in this regard.
Thanks
What are the rights of a person who has a life estate in property. I know they do not have a right to sell it. Are any decisions to do with the property-- the right of the person who has the life estate or the person who the property was left to?
Hi Nan!
Welcome to forums!
The person who has a life estate rights on a property will be able to stay in the property until death. If the owner wants to sell off the property, then he or she will have to take the permission and signatures from the person who has life estate rights.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
The person who has a life estate rights on a property will be able to stay in the property until death. If the owner wants to sell off the property, then he or she will have to take the permission and signatures from the person who has life estate rights.
Feel free to ask if you've further queries.
Sussane
I want to take title to a piece of property in AK in a "joint and concurrent life estate" for my son and me, and then my named grandchildren as the remaindermen. This should prevent any spouses, x-spouses and other siblings and unnamed children from taking ownership of the property, or attaching it. Any problems in this ownership.
Welcome Lori,
In my opinion, there won't be any problem with such kind of an ownership. You should contact a real estate attorney and he will guide you further in this matter.
In my opinion, there won't be any problem with such kind of an ownership. You should contact a real estate attorney and he will guide you further in this matter.
In Texas what is the difference between "homestead rights and life estate interest? I know how one gets homestead rights...but, how does one get a life estate interest? How can you lose either of the two?
The life estate clause will be mentioned in the property deed separately. While drafting the deed, the property owner can include the life estate clause in the deed.
The house I live in now sense feb 2012 was turned into a life estate by my deseaced wife's son while I was incarserated. Am I responsibale for the back taxes before I lived here or is the estate responsible?
Hi rtjulig!
Welcome to forums!
If you're one of the owners of the property now, then you will be responsible for paying the back taxes.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you're one of the owners of the property now, then you will be responsible for paying the back taxes.
Feel free to ask if you've further queries.
Sussane
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