Updated almost 6 years ago on . Most recent reply
Life Estate Occupant
I have an opportunity to purchase a property that has a life estate occupant in place in the property. The property itself is reasonably priced, but I don’t have any experience with life estate occupants. What are the pros and cons? What if they do not pay their rent, can you foreclose? I would love to hear some feedback. Thank you...
Most Popular Reply
@Monique O. You need to pull the current deed and determine whether the life estate is bare or with full powers. Until you do that you won't know who the owner is or how to proceed. If bare, the remainderman has a vested interest which is non-contingent and can be sold to a third party. If with full powers, the life tenant can sell directly to you and divest the remainderman.
Despite what has been said in this thread, yes, it is possible to purchase the property and obtain full possession before the life tenant dies. This is true whether the life estate is bare or with full powers.
If you provide more facts we can be more helpful.
- Tom Gimer
