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Warranty Deed With Life Estate

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Joe1968 Guest	Posted: Wed Dec 03, 2008 4:21 pm    Post subject: Warranty Deed With Life Estate Like 0 Dislike 0 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. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
smithsussane Joined: 18 Sep 2008 Posts: 10030 Location: Alaska 919.49 Dollars($)	Posted: Wed Dec 03, 2008 9:34 pm    Post subject: Like 0 Dislike 0 Hi Joe! Welcome to forums! As far as I know, the grandmother cannot sell off the property without the great-grandson's consent. As she has signed a warranty deed, she has given the property to the great grandson. She only has the right to live in the property until death. Feel free to ask if you have further queries. Sussane
Niicss Joined: 03 Oct 2005 Posts: 4770 Location: New Jersey 499.28 Dollars($)	Posted: Thu Dec 04, 2008 3:19 am    Post subject: Like 0 Dislike 0 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. _________________ Good is the Enemy of Great.
jheard Moderator Joined: 12 Dec 2007 Posts: 734 Location: Houston, TX 116.72 Dollars($)	Posted: Thu Dec 04, 2008 7:52 am    Post subject: Like 0 Dislike 0 It depends on who has the life estate. In any event, you can sell the property, but as a general rule, you can only sell what you have. Thus, if the Grandmother has the life estate, she can only sell that. If she transferred the life estate, she can only sell the remainder. _________________ Disclaimer: This is not legal advice and I am not your lawyer. The information provided in this forum is for discussion purposes only, and is no substitute for an in-person consultation with an attorney who can analyze all of the facts and determine how your state and local laws may apply to your specific situation.
Geri Guest	Posted: Tue Jul 12, 2011 4:28 pm    Post subject: Life Estate warranty deed? Like 0 Dislike 0 Question? Life Estate/Warrenty Deed? What if the Grantor(grandmother,EX) outlives the Grantee(daughter) Does the property revert back to the Grantor???
adonis Joined: 22 Oct 2005 Posts: 10242 Location: ALASKA 1042.50 Dollars($)	Posted: Tue Jul 12, 2011 10:54 pm    Post subject: Like 0 Dislike 0 Welcome Geri, Your query has been replied to in the given page: http://www.mortgagefit.com/annoucements/about52303.html Please take a look at it. I hope it will help you. _________________ Procrastination is the enemy of your financial success

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