the lady renting to us is living in the house that her deceased husband owned now it is held in trust by the bank for his children and she is allowed to live there until she moves or dies in which case the house is given outright to the children, can she legally rent part of the house to someone with out the children or the bank knowing it?
2006-07-25 03:11:28 · 5 answers · asked by scott 1 in Business & Finance ➔ Renting & Real Estate
She has a life estate on the home. This means she can sell or rent out her interest in the property. In other words, she can sell the right to live there to someone else, but that person has to move out as soon as she dies. She can do the same thing with renting/leasing the space.
2006-07-25 05:17:00 · answer #1 · answered by Casey G 2 · 0⤊ 0⤋
Well, by not declaring the income from the rent she stands to be charged with tax evasion and the gov't will basically take everything she owns and she will die in penury. However, look up local laws on "subletting" for a more legal approach.
2006-07-25 10:15:37 · answer #2 · answered by ? 6 · 0⤊ 0⤋
She probably has a life time estate on the house which means its basically hers until she dies. I'm not positive on this but I would think it is legal for someone to rent out property on which they have lifetime estate on.
2006-07-25 10:23:32 · answer #3 · answered by erik c 3 · 0⤊ 0⤋
The bank needs to know but the kids do not need to know
i had this same thing happen to a friend .And he just had to tell the bank and move when the kids could move in .
2006-07-25 10:16:58 · answer #4 · answered by annajo 23 1 · 0⤊ 0⤋
Certainly SUB letting goes on everywhere. Is it strictly legal? I suspect it's questionable in this particular instance.
If I was in this situation, I'd have a moving truck close by to prepare for an eviction.
Rev. Steven
2006-07-25 10:16:45 · answer #5 · answered by DIY Doc 7 · 0⤊ 0⤋