can the person given life estate rent the property out?
2006-07-06 12:58:52 · 5 answers · asked by wendy_overbey 1 in Business & Finance ➔ Renting & Real Estate
Generally speaking, the person that you give the life estate to has the same rights to the property as they would if they owned the property outright with the exception of the right to sell the property in most states. You should check the laws in your state for specifics.
2006-07-06 13:06:18 · answer #1 · answered by jimmy dean 3 · 0⤊ 0⤋
Not if you placed a restriction in granting the life estate (or the person who established the life estate). If the property is leased to a third party, their interest will terminate upon the death of the holder of the life estate, not upon their death.
2006-07-06 13:02:21 · answer #2 · answered by Phillip B 3 · 0⤊ 0⤋
Until that person dies, you have no rights (unless you put it into a contract). They can even rent, lease or sell the place for the remainder of their life.
If you're going to do this, get with a real estate lawyer and draw up a contract based on the scope of what you're trying to accomplish.
Regards
2006-07-06 20:46:34 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Been there done that. Think long and hard. They can rent it. And if you sell the property, you may need their permission, as well as a release signed. (SC LAW) Speak with an Attorney.
2006-07-06 13:02:04 · answer #4 · answered by jinx4swag 3 · 0⤊ 0⤋
If you "gave" it to them, then it is theirs. They may do anything they wish. I lost my house this way, He gambled it away, and there was nothing I could do about it.
I am sorry,
Hope
2006-07-06 13:03:21 · answer #5 · answered by Anonymous · 0⤊ 0⤋