I know somone who wants to buy a property from a little old lady who is behind in her payments and has to do something major. A solution is to have a lease for life for her. In other words, the house gets sold to someone , they live in the guest house and she lives in the house for life with a legal contract to this effect.
Can this be done?
2007-02-18 10:32:44 · 2 answers · asked by artguy90291 2 in Business & Finance ➔ Renting & Real Estate
Yes it can. It's called a life estate. Once the lady dies, the property reverts back to the purchaser. Get a lawyer to go over the contracts and forms to make sure everything is fine.
Regards
2007-02-18 13:51:16 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I'd want to make sure that someone with AARP or other agency insures that the language is written such that it is in her favor. She may not want to have an unknown guest in her guest house, so why not direct her to where she can do a reverse mortgage? This way she stays, house belongs to the lender, and that person can purchase later.
2007-02-18 10:38:19 · answer #2 · answered by Venita Peyton 6 · 1⤊ 0⤋