Who owns the property in a life estate?
A life estate deed is a legal document that changes the ownership of a piece of real property.
The person who owns the real property (in this example, Mom) signs a deed that will pass the ownership of the property automatically upon her death to someone else, known as the “remainderman” (in this example, Son).
Can a life tenant buy the property?
An individual receives life rights to occupy or otherwise use a property as long as they live. The life tenant has every right to enjoy the property as a standard owner would, other than the fact that they cannot sell or transfer the property, or obtain a mortgage on their own.
What is a life tenant?
Life Tenant. One who holds a life estate. A life tenant has all rights associated with ownership of real property, except the right to sell the property, until his/her (or someone else’s) death. In this situation, the mother is the life tenant and has the right to live in the farm house for the rest of her life.
Does the Remainderman own the property?
The new owner, or remainderman, has an interest in the house or land, but he or she has no right of occupying the property. This also means he or she cannot sell it, rent it or alter it until the life tenant passes on or leaves permanently.