Joint property ownership
People also ask
What is a life estate in real estate?
What Is a Life Estate? A life estate is property, usually a residence, that an individual owns and may use for the duration of their lifetime. This person, called the life tenant, shares ownership of the property with another person or persons, who will automatically receive the title to the property upon the death of the life tenant.
Can a life estate be used for a house?
You檒l often find life estates used for homes, but they can be used for any type of real property ?land, and anything attached to the land. A life estate deed permits the property owner to have full use of their property until their death, at which point the ownership of the property is automatically transferred to the beneficiary.
Who is the owner of a property with a life estate?
If there is a life estate, the life tenant’s interest in the property ends at death, and ownership is transferred to the remainderman. The life tenant is the owner of the property for life and is responsible for costs such as property taxes, insurance, and maintenance.
What is living estate?
An estate whose duration is limited to the life of the party holding it, or some other person. West’s Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved. n. the right to use or occupy real property for one’s life.