I’ve been asked if you give someone a life estate, do they have the right to do anything they wish with the property, such as move out and rent it for income? What are an owners rights to the property after they have given someone else a life estate on it? ( such as: are they allowed to go on the property for inspection to make sure the property is maintained and kept up?)
A life estate is a form of interest in a property that allows the person with the life estate to retain full interest in the property until their death, but vests legal title in another person. It is most commonly used when an elderly parent wants to transfer their home to a child before their death, but wants to continue to occupy the property until that time. But it’s also a great, creative way to put together deals with older sellers who want to pull the cash out of their home but have the right to live in it until the end.
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