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How much does a life tenancy sale reduce the sale price of real estate?
Wiki User
∙ 15y ago
If a person who has life tenancy is institutionalized and never intends to live at the property that he has life tenancy does that person still have life tenancy.
Wiki User
∙ 15y ago
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How many title types of ownership are there in real estate?
Tenancy in common; joint tenancy; tenancy by the entirety; tenancy in partnership; life tenancy.
Does a life tenancy form part of the estate of the person who granted it?
No. A life tenancy is granted by the owner of property to another person. For the duration of the life tenant's natural life they have the right to the use and possession of the property covered by the life estate.No. A life tenancy is granted by the owner of property to another person. For the duration of the life tenant's natural life they have the right to the use and possession of the property covered by the life estate.No. A life tenancy is granted by the owner of property to another person. For the duration of the life tenant's natural life they have the right to the use and possession of the property covered by the life estate.No. A life tenancy is granted by the owner of property to another person. For the duration of the life tenant's natural life they have the right to the use and possession of the property covered by the life estate.
What does it mean to have a quit claim deed as to a life estate?
A person who is granted a life estate has the right to the use and possession of the property for the duration of their natural life. They are responsible for upkeep and maintenance. Upon their death the life tenancy is extinguished.
How should homeowners insurance be written for a life estate tenancy?
I think it should be in the name of the Estate, but the address below the name, should be the life tenant's address...I believe. it should be up to the life tenant if he/she wants to give a copy of the bill to the trustee. ...from a life tenant who is going through this same exact thing.
We placed mothers house in a Life Tenancy with me as the care giver almost 2 years ago. Can we sell the house to pay for nursing home care for mom or is it protected?
In order to get an answer to this question you must provide the details of how exactly you "placed mothers house in a Life Tenancy with me as the care giver". It must have been done through a deed and you need to provide the details. Whoever owns the real estate can sell it as long as the life estate holder consents in writing.
Can a lien be put on a life estate for medical bills in nc?
You cannot place a lien on the real estate since the life estate provides only the right to the use and possession of the real estate during the life of the life tenant.If the rights under the life estate are transferred, those rights last only during the life of the original life tenant. The life tenancy is extinguished upon the death of the original life tenant. That makes a life estate difficult to sell and difficult to assign a value. It has value only to the extent that someone will pay for use of real estate during the life of the life tenant, for an uncertain period. There is not an active market for the sale of life estates.You should consult with an attorney in your area who can review your situation and explain your options.
Is a life estate terminated when the life tenant is placed in a nursing home due to alzheimers?
No. Possession of the property has nothing to do with how long a life tenancy lasts. The "life tenant" (who is the owner for life) could be in a nursing home, in prison for life, living in Antarctica for 50 years, whatever. The life tenancy, by definition, does not ordinarily terminate until the person whose life measures the estate ownership passes away, in fact, or has been deemed by a court to have passed away, in law (e.g., missing at sea for 7 years, or perhaps brain-dead for 2 years). However, a life estate can be transferred to others, and may be terminated if the "others" in the transfer happen to be exactly the same people who would ordinarily get it after the life tenant's death.
Does life tenancy terminate upon death?
Yes.
What kind of estate establishes the ownership of property for only the life of the owner?
A Life Estate provides the right to the use and sole possession of real estate for the life of the life tenant.A Life Estate provides the right to the use and sole possession of real estate for the life of the life tenant.A Life Estate provides the right to the use and sole possession of real estate for the life of the life tenant.A Life Estate provides the right to the use and sole possession of real estate for the life of the life tenant.
What is the auction price for the book the life public services and state papers of Abraham Lincoln?
What is the auction price of The Life, Public Services and Estate Papers of Abraham Lincoln by Raymond 1865. Hardback, embossed.
If someone is granted a life estate and they remarry how will this affect the life estate?
Marriage has no effect on a life estate. The only factor that is important is the length of the life of the person that has been granted the life estate.
How do you sever a life estate in Florida?
A life estate is extinguished by the death of the life tenant or by the life tenant executing a deed of release of the life estate.
