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Joe1968
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 Posted: Wed Dec 03, 2008 4:21 pm Post subject: Warranty Deed With Life Estate |
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We live in Illinois, if that matters. My Grandmother has granted her Great-Grandson a Warranty Deed with a Life Estate for her home. Now she wishes to sell the property, but can she do it without his consent? The only wording is if he ever wants to sell it, there are three people that have an option to buy it.
Please Advise.
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 smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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| Posted: Wed Dec 03, 2008 9:34 pm Post subject: |
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Hi Joe!
Welcome to forums!
As far as I know, the grandmother cannot sell off the property without the great-grandson's consent. As she has signed a warranty deed, she has given the property to the great grandson. She only has the right to live in the property until death.
Feel free to ask if you have further queries.
Sussane |
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Niicss
Joined: 03 Oct 2005
Posts: 2620
Location: New Jersey
409.63 Dollars($)
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| Posted: Thu Dec 04, 2008 3:19 am Post subject: |
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Hi Joe
Life estate will only give the grandmother the right to live in the property until death. As far as I know, by signing the warranty deed, she has given away the ownership rights to of the property to her great grandson. She is no longer the owner of the property. Thus, as Sussane has said, she will not be able to sell the property without the great-grandson's consent.
Thanks.
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jheard
Moderator
Joined: 12 Dec 2007
Posts: 599
Location: Houston, TX
98.69 Dollars($)
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| Posted: Thu Dec 04, 2008 7:52 am Post subject: |
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It depends on who has the life estate. In any event, you can sell the property, but as a general rule, you can only sell what you have. Thus, if the Grandmother has the life estate, she can only sell that. If she transferred the life estate, she can only sell the remainder.
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Disclaimer: This is not legal advice and I am not your lawyer. The information provided in this forum is for discussion purposes only, and is no substitute for an in-person consultation with an attorney who can analyze all of the facts and determine how your state and local laws may apply to your specific situation. |
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