Quitclaim deed, life trust and co-owner

[pinksoapbox]

Quitclaim deed, life estate and co-owner

What is the name of your state? Florida

Back in 1984 my grandmother and her daughter built a home together. They are both on the mortgage and the deed. Recently they have a had a falling out.

We found out tonight that my grandmother has quitclaimed her share of the house to her other daughter. She has also established a life estate. The daughter that is on the deed and mortgage has no idea that any of this has taken place.

1) Did my grandmother need her co-owners consent to sell her share?

2) Can a life estate be formed without the consent of both owners?

3) How can there be a life estate, if the one owner sold their share to someone else? Wouldn't the life estate only be for someone that is actually on the deed?


I think something very shady is going on. My grandmother is elderly and her daughter has taken advantage of her before.

Thanks for any advice.

 

[HomeGuru]

Re: Quitclaim deed, life estate and co-owner

What is the name of your state? Florida

Back in 1984 my grandmother and her daughter built a home together. They are both on the mortgage and the deed. Recently they have a had a falling out.

We found out tonight that my grandmother has quitclaimed her share of the house to her other daughter. She has also established a life estate. The daughter that is on the deed and mortgage has no idea that any of this has taken place.

1) Did my grandmother need her co-owners consent to sell her share?

**A: no

*******

2) Can a life estate be formed without the consent of both owners?

**A: yes, but the life estate interest would only be on the interest that grandmother owned and may be considered defective for occupancy purposes.

******

3) How can there be a life estate, if the one owner sold their share to someone else?

**A: simple, the owner deeds the property to a third party but retains a life estate interest in said property.
*******

Wouldn't the life estate only be for someone that is actually on the deed?

**A: grandmother would actually be on the deed after the quit claim deed transfer, as she would have a life estate interest to the property.
******

I think something very shady is going on. My grandmother is elderly and her daughter has taken advantage of her before.

Thanks for any advice.

**A: then the affected daughter should hire an attorney to review the title transfer.

 

[pinksoapbox]

Thanks for your previous help.

I have another question. The affected daughter has decided to force a partition sale. Can she do this eventhough my grandmother has a life estate?

Happy New Year

 

[HomeGuru]

Thanks for your previous help.

I have another question. The affected daughter has decided to force a partition sale. Can she do this eventhough my grandmother has a life estate?

Happy New Year

**A: yes, but it would do her really no good since she would basically have the same position on the deed due to the life estate.

 

[pinksoapbox]

A: yes, but it would do her really no good since she would basically have the same position on the deed due to the life estate.

I don't think I understand the answer. She is trying to get her share of the equity out of the house. She wants the house sold. She is not interested in owing it anymore. Are you saying the life estate will not allow the home to be disposed by a partition sale?

Thank You

 

[HomeGuru]

I don't think I understand the answer. She is trying to get her share of the equity out of the house. She wants the house sold. She is not interested in owing it anymore. Are you saying the life estate will not allow the home to be disposed by a partition sale?

Thank You

**A: reality check here. Please tell us who do you know that would buy into 50% of a property whereby the other 50% is owned by a complete stranger and to top it off, the property is restricted from use due to an encumbrance of the life estate?

 

[nextwife]

I would think that a life estate granted by only one of two owners could readily be challenged in court. The life estate is a type of encumbrance, encumbering future use of the property to the benefit of one owner. If an easement were being granted by the owners, for example, BOTH would need to join in for it to be enforceble (and also agreed to by any mortgagor). ONe owner alone may not place a mortgage against a jointly owned property.

She should talk to a RE attorney. I believe the life estate could be challenged if both owners had not joined in. But I'm not an attorney, so I could be wrong.

 

[pinksoapbox]

reality check here. Please tell us who do you know that would buy into 50% of a property whereby the other 50% is owned by a complete stranger and to top it off, the property is restricted from use due to an encumbrance of the life estate

Unless I am completely misunderstanding a partion sale...Isn't it designed to force the sale of a property even if both owners don't want to?

How would someone only be buying a 50% share if the whole thing is put up for sale by the courts? That does not make any sense.

 

[HomeGuru]

I would think that a life estate granted by only one of two owners could readily be challenged in court. The life estate is a type of encumbrance, encumbering future use of the property to the benefit of one owner. If an easement were being granted by the owners, for example, BOTH would need to join in for it to be enforceble (and also agreed to by any mortgagor). ONe owner alone may not place a mortgage against a jointly owned property.

She should talk to a RE attorney. I believe the life estate could be challenged if both owners had not joined in. But I'm not an attorney, so I could be wrong.

**A: I agree as to the dispute claim of the life estate.

 

[HomeGuru]

Unless I am completely misunderstanding a partion sale...Isn't it designed to force the sale of a property even if both owners don't want to?

**A: yes.
*******

How would someone only be buying a 50% share if the whole thing is put up for sale by the courts? That does not make any sense.

**A: you are correct and my apology for the confusion. I got your thread mixed up with another life estate thread.