Real Estate Consultant · Bloomfield, NJ · Member since 2010 · 2k+ posts · 1k+ votes
Hi everyone. I searched this on the site and did get some basic information on life estates.but nothing clear-cut on property taxes. So I want to make sure by asking this question. It does appear that whoever is giving the life estate is still responsible for a paying the property taxes. In other words if you purchased a property, yet gave the seller a life estate, you as the new owner are still responsible for maintenance and keeping the property taxes current. Is that a correct assessment?
Financial Advisor · Blaine, MN · Member since 2014 · 477 posts · 387 votes
6y
@Ibrahim Hughes I am no attorney and law is very state specific so run it by a local attorney.
If you owned a property Jointly where the previous sole owner is now the Life Tenant and you are the Remainderman the I believe the Life Tenant would be responsible for property taxes, mortgage, and maintenance. Really, not a lot changes until the death of the Life Tenant. At that point the Remainderman has the legal control and responsibility over property. Again, ask a local attorney though.
@Ibrahim Hughes I am no attorney and law is very state specific so run it by a local attorney.
If you owned a property Jointly where the previous sole owner is now the Life Tenant and you are the Remainderman the I believe the Life Tenant would be responsible for property taxes, mortgage, and maintenance. Really, not a lot changes until the death of the Life Tenant. At that point the Remainderman has the legal control and responsibility over property. Again, ask a local attorney though.
Thanks Scott! I'll check with my attorney as well. Be well!