ironwoman37 said:
What is the name of your state? Wisconsin
How does a life estate affect the sale of a property?
I am a buyer that has made an offer on a property and just found out about the life estate. Help please.
My response:
The "Life Tenant" has a "de facto" ownership interest in the real estate until death. While the "Life Tenant" does not have "fee simple" ownership of the real estate, the life tenancy gives the life tenant "control" over the real estate during his/her lifetime.
Suffice it to say, a "Life Tenancy" can put the "kybosh" on any sale of the real estate, unless the life tenant waives his/her rights to the real estate, OR you don't mind owning property that you can't move into; e.g., you can buy it for investment purposes, but that's about it.
IAAL
