Can Remainderman Sell Life Estate. That individual can be the person holding the life estate or it can be based upon the life of another person. If you are a person who has a life estate, or if you have a remainder interest, this is something that is important to know.
This means they can only sell their ownership rights, which within the terms of the life estate defines that the new buyer would only get full possession after the life tenant’s death and takes over the role of remainderman. It lasts for as long as the life of the. Understanding the legal terms to understand what happens if the remainderman in a life estate deed passes away, it is important to understand certain terms commonly used in property law.
Nasseh Sirounis Law Lady Bird Deeds Nasseh Sirounis
Of course, the buyer/grantee takes title subject to your life estate, meaning your life estate still exists. Understanding the legal terms to understand what happens if the remainderman in a life estate deed passes away, it is important to understand certain terms commonly used in property law. In such cases, the life estate owner retains the life estate interest until the life estate terminates. For example, if a mother buys a home for $50,000 in 1965 and the deed is such that mother retains a life estate and her son is given a remainder interest, mother passes away in 2002 when the property is worth $250,000, and in 2017 the son sells the property for.
