'Life estate' doesn't prevent selling a house

There are 20 comments on the Newsday story from Jan 27, 2008, titled 'Life estate' doesn't prevent selling a house. In it, Newsday reports that:

In your Dec. 9 column, a reader asked if he should sell his mom's home to pay for her assisted living expenses.

Join the discussion below, or Read more at Newsday.

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Michael Garey

Lakeland, FL

#1 Mar 13, 2008
My Sister and I own a property and our step mother received life estate, and has fallen behind again, but this time for $5,000.00, and they want to foreclose. She has not followed through with the requirements of the life estate. Is there anything we can do to have her life estate canceled? We have a mortgage of our own, and do not want to lose our property, because she doesn't run tis well.

P.S
She ran through $300.000.00 in 2 years in cash?
Catherine

Chicago, IL

#2 Mar 27, 2008
I am going through this myself; I am not an expert or professional. We have retained an attorney to petition the court to lift the life estate because the terms of the life estate have not been met.
neil

Mahwah, NJ

#3 Apr 18, 2008
but what if the house is already divided 3 ways, 1/3 brother, 1/3 sister, 1/3 mother (life tenant with 2nd sister as remainder)? and brother and 1st sister do not want to sell. Can the mother sell her 1/3 with the life estate deed to the 1st sister and brother? How would that affect the 2nd sister's remainder? And now the mother went into assisted living and deosn't even live there.

thanks !
Artman

Vista, CA

#4 Apr 20, 2008
Is there a form in the State of New York, for a holder of lifetime estate to release their interest in the estate?
My step-father can no longer live in the home and wants to release his "ownership/obligations " and the children then want to sell the home.
We keep hearing different answers and need some direction.
Thank You
Angelglez

AOL

#5 May 6, 2008
I've been dealing with Life Estate issues lately and as far as I understand it, the Life Tenant(your step -father)can release his obligations to the Remainderman(you), as long as you both agree. If you don't already have it, get a copy of the Deed and it will tell you exactly what was agreed to!
Cyndy

United States

#6 Oct 21, 2008
I need to sell my parents house which has a life estate attached to it. Are there companies out there that will buy these? I am in North Carolina.

Since: Jan 08

Location hidden

#7 Oct 21, 2008
Artman wrote:
Is there a form in the State of New York, for a holder of lifetime estate to release their interest in the estate?
My step-father can no longer live in the home and wants to release his "ownership/obligations " and the children then want to sell the home.
We keep hearing different answers and need some direction.
Thank You
Do a new deed into the children and your step father signs.

Since: Jan 08

Location hidden

#8 Oct 21, 2008
neil wrote:
but what if the house is already divided 3 ways, 1/3 brother, 1/3 sister, 1/3 mother (life tenant with 2nd sister as remainder)? and brother and 1st sister do not want to sell. Can the mother sell her 1/3 with the life estate deed to the 1st sister and brother? How would that affect the 2nd sister's remainder? And now the mother went into assisted living and deosn't even live there.
thanks !
You're gonna have to do an action for partition.
Janice

AOL

#9 Jan 18, 2009
My sister passed away august 2008. She left a mountain cabin in North Carolina as follows: a life estate to her step daughter, and final ownership, fee simple, to my daughter. The property is paid for. I understand most of what I have read about my daughter,s legal rights, but have a couple of questions: Can my daughter sell her remainderman rights to the estate holder, and is the value of the property based on current value, or is there some consideration for future appreciation? Also must the estate holder carry homeowners insurance on the propery?
Joey

Centereach, NY

#10 Feb 24, 2009
How can i have a life estate lifted in N.Y.C. do to the fact the tenants are only paying 300.00 a month for everything and i cannot afford it anymore.
Donna

Milford, CT

#11 Jun 30, 2009
Three siblings sold their share of their father's life estate to a close relative and his wife. The payment that they receive in this private mortgage at a low interest rate, pays for their father's assisted living care. The The agreement is that the new shareholders have one year to either sell or refinance when the father dies and the house is theirs with all the proceeds going to the relative and his wife. They have done quite a bit of renovations but the wife makes the husband call the siblings everytime a new problem is found and the siblings have made adjustments or kicked in for these expenses. A roof that was done 10 years ad go is leaking. When the couple got a roofer to come in,he claimed that the roof was done poorly, has major mold problems and must be redone. The couple want the siblings to pay for this since they all all thought that the roof was done well. How can the family handle this equitably without breaking the family up or having the siblings contribute from their own funds?
pam Atlanta

Atlanta, GA

#12 Oct 13, 2009
am i responsible for property taxes on my life estate from my father? I understand that the lawyer
in charge of the estate is suppose to pay them along with the other rental houses.He says I have to pay the propety taxes .they are in my dead fathers name. the attorney has lied to me many times. Who is right?
Esquire

White Plains, NY

#13 Oct 13, 2009
pam Atlanta wrote:
am i responsible for property taxes on my life estate from my father? I understand that the lawyer
in charge of the estate is suppose to pay them along with the other rental houses.He says I have to pay the propety taxes .they are in my dead fathers name. the attorney has lied to me many times. Who is right?
YOur attorney is ALWAYS RIGHT. You are just too stupid to understand what he is trying to say to you.
liner

Hicksville, NY

#14 Oct 13, 2009
Cmon, are all you people THAT feeble that you come to Topix for legal advice?
home sckooled

Medford, NY

#15 Oct 13, 2009
pam Atlanta wrote:
am i responsible for property taxes on my life estate from my father? I understand that the lawyer
in charge of the estate is suppose to pay them along with the other rental houses.He says I have to pay the propety taxes .they are in my dead fathers name. the attorney has lied to me many times. Who is right?
He is. You are not.
keegan

Brooklyn, NY

#16 Nov 17, 2009
3.5 years ago my mother sold me the house for 1.00 in New york I gave her a life estate to live there she is 87 and will go to nursing home she had stroke and cannot live alone can I sell the house or will the nursing home take the property

Since: Jan 08

Location hidden

#18 Nov 19, 2009
Your mother has no ownership interest in the property, just a life estate. However, to sell you will have to get her to execute the deed. The biggest problem with regards to the nursing home is the transfer done 3.5 years ago when your mother was in her mid eighties.
end the hate

Brooklyn, NY

#19 Nov 19, 2009
Please Spare Me wrote:
Your mother has no ownership interest in the property, just a life estate. However, to sell you will have to get her to execute the deed. The biggest problem with regards to the nursing home is the transfer done 3.5 years ago when your mother was in her mid eighties.
WOW haven't seen you in agesss! How are you? Same ol'?
God D mitt

Brooklyn, NY

#20 Nov 19, 2009
end the hate wrote:
<quoted text>
WOW haven't seen you in agesss! How are you? Same ol'?
You've never seen a dog before?

Since: Jan 08

Location hidden

#21 Nov 20, 2009
end the hate wrote:
<quoted text>
WOW haven't seen you in agesss! How are you? Same ol'?
Same ol'. How 'bout you ETH?

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