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If someone quit claims a property to me..

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Guest	Posted: Tue May 17, 2011 2:20 pm    Post subject: If someone quit claims a property to me.. Like 0 Dislike 0 If someone quit claims a property to me and in it says reserving life estate, how does that work? Doesn't that mean that they give all interest to me, so technically I am responsible for the property but they get it until they die? Seems awkward situation. Property is in Florida. The deed was recorded. If it is quit claimed, don't I become the owner and the property is mine to be registered under my name with the property appraiser and I am responsible for the taxes and such? Is this even legal to reserve life estate if you give up all interest? I just don't want to get screwed later down the road when that individual who quit claimed it did not pay the taxes on it.
chrisgummerson Community Expert Joined: 29 Apr 2010 Posts: 704 Location: La Palma, CA 9.98 Dollars($)	Posted: Tue May 17, 2011 2:25 pm    Post subject: Like 0 Dislike 0 Who is the reserved party? An estate is reservation, is holding the title for someone in the future. Say when person A wills a property to person B, but states in the deed that the property will go to person C at a specific time. Generally you are able to enjoy the property as it was yours, but you would not be able to will the property to another party. Find out who the reserve party is and go from there. _________________ Chris Gummerson Bay Valley Mortgage Group bayvalleymortgage.com 714-367-5125
Shamika Guest	Posted: Tue May 17, 2011 2:26 pm    Post subject: Forgot to add that the property is not for living on... Like 0 Dislike 0 Forgot to add that the property is not for living on . . . it is a commercial piece.
Shamika Guest	Posted: Tue May 17, 2011 2:28 pm    Post subject: Like 0 Dislike 0 There are only two parties A and B. A quitclaims the commercial property to B. I am B. The reserved for life estate wouldn't really apply here would it because it is a commercial property?
chrisgummerson Community Expert Joined: 29 Apr 2010 Posts: 704 Location: La Palma, CA 9.98 Dollars($)	Posted: Tue May 17, 2011 2:33 pm    Post subject: Like 0 Dislike 0 I would need to take a look at it. Do you have a copy? _________________ Chris Gummerson Bay Valley Mortgage Group bayvalleymortgage.com 714-367-5125
Shamika Guest	Posted: Wed May 18, 2011 4:40 am    Post subject: Yes Like 0 Dislike 0 Yes I have a copy, but I don't know how to post it on here. How can I post it so that you can see it?
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Wed May 18, 2011 7:00 am    Post subject: Like 0 Dislike 0 The story here isn't making much sense. A life estate is typically in use when a person is desirous of maintaining rights to a home while at the same time transferring ownership interest to another. The most prevalent usage, I believe, is in family situations. For example, Mom transfers ownership interest to Child but retains a life estate which allows her to remain in the home through the remainder of her life. In order to transact any other business, therefore, the child would need to have Mom's permission. Upon her death, the property would be fully vested in the child. But the application to this concept on a commercial property is baffling to me. I don't see any relevance to having a life estate other than on residential real estate. How is it that you obtained ownership in this property without first having understood what was taking place? Were you represented by legal counsel? It would appear not. People should never, never, never try to transact business on real estate (or much of anything else) without some sort of legal advice. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044
Shamika Guest	Posted: Wed May 18, 2011 8:18 am    Post subject: Like 0 Dislike 0 I found out after the deed was filed. I do not believe that legal advice was sought prior to filing. The only thing I can think is with it being a commercial piece of property that reserving life estate would allow them to benefit from the rent paid by the current renter. But, is this the case, who would get to collect the rent? I thought that reserving life estate was only to protect the individual in residential properties. Can life estate be used regarding commercial properties and rental properties? I'm glad you understand why I am confused.
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Wed May 18, 2011 9:52 am    Post subject: Like 0 Dislike 0 This is the point at which you truly need to speak with a lawyer who is schooled in real estate. Presumably, a person obtaining title to a property would be the one collecting rents, but this life estate thing complicates matters, obviously. Honestly, you'll get plenty of conjecture and lots of empty opinions here, but for the best of advice your first next step ought to be to speak with a lawyer who can sift through all the confusion. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

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