What is the name of your state? California
Can a person with a life time estate in a property be offered the chance to buy the property from the estate? If so how would the purchase price be determined?
I was told I could purchase the property but for the full market value. The executor also said he was not sure if this would be better done in probate to purchase from him or after the estate is settled. It would make more sense to me to do this in probate and I have heard you can purchase the property for $1.00 from the estate. Is this true in California? With a Life time estate in the property why would I pay full market value?
Thanks for any insight!
MRB
Can a person with a life time estate in a property be offered the chance to buy the property from the estate? If so how would the purchase price be determined?
I was told I could purchase the property but for the full market value. The executor also said he was not sure if this would be better done in probate to purchase from him or after the estate is settled. It would make more sense to me to do this in probate and I have heard you can purchase the property for $1.00 from the estate. Is this true in California? With a Life time estate in the property why would I pay full market value?
Thanks for any insight!
MRB