the other party is willing to release it. What do I need to do? Do I have to get a lawyer? Will this cost me alot?
2007-09-30 17:32:26 · 3 answers · asked by cmebDUCKs 3 in Business & Finance ➔ Renting & Real Estate
I am the one that has to die - I live in Ohio and the property is in Alabama.
2007-09-30 17:47:53 · update #1
The beneficiary of the life estate has all the rights to the property during their life but can't sell the property because it is legally not theirs. If you are the legal owner of the life estate and someone else is the beneficiary the beneficiary would have to agree to dissolving the estate (giving up their rights to the property). I am just not clear whether or not you are the beneficiary or the legal owner and what your ultimate goal is concerning the property
2007-09-30 17:48:35 · answer #1 · answered by linkus86 7 · 0⤊ 0⤋
What you have now is possession of the property when the other party dies. If the other party deeds the property to you, you will own both sides of the equation. You can get blank deed forms at a stationery store. Just make sure you copy it accurately.
That said, it would probably be better for you NOT to get the deed that way your tax basis would be stepped up when the other party dies. Consult your tax adviser about the best way for you to do given all the circumstances that you probably don't want to go into here.
2007-09-30 17:45:37 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You probably need a lawyer, but depending on where you live, a title company may be able to write a new warranty deed for you.
A life estate is one in which a person has use of the property for his lifetime, then on his death it reverts to another person the grantor chose. He can't sell it or finance it or will it because he doesn't really own it. The most common use is when people have remarried. The owner of the house dies, but leaves a permanent residence for the surviving spouse for as long as he wants it. When that spouse dies, the property reverts to the original owner's heirs.
You're the person it will revert to, is that right? Depending on your state laws, the other person may be able to quitclaim his interest to you. But real estate laws vary by state, so yes, you need a local expert to guide you.
As for expensive, I guess that depends on what you think is expensive.
2007-09-30 17:44:36 · answer #3 · answered by Debdeb 7 · 0⤊ 0⤋