Who is the Seller When a Life Estate is Sold?
Full Question:
When real estate with a life tenant and a remainderman (both still living) is sold by the life tenant , who is the seller? A warranty deed was signed by both parties.
02/27/2011 |
Category: Real Property ยป Sales |
State: Idaho |
#24309
Answer:
The answer will depend on whether only the life estate was transferred or the remainder interest as well, as indicated by the language in the deed. A life tenant can sell or mortgage his or her life interest, but the interest sold or mortgaged is limited to the lifetime of the seller or mortgagee. Although the life tenant can sell the life estate, the buyer would have ownership rights only as long as the original life tenant lived. A remainder interest may also be sold. If you are unsure of the details of the transaction, we suggest you consult a local attorney who can review the documents involved.