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to3 sons but mom has a life estate , be sold?

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spencehome Joined: 24 Aug 2011 Posts: 1 1.35 Dollars($)	Posted: Wed Aug 24, 2011 3:22 pm    Post subject: to3 sons but mom has a life estate , be sold? Like 0 Dislike 0 Mom is in a nursing home and due to her health, will never be able to live in her home again. The house is vacant and is starting to show lack of upkeep. Mom has agreed that we need to sell the house. My neice is interested in purchasing the home. There is no mortgage on the property. When mom quitclaimed it to us boys, the deed showed a $1.00 price. Even though we will be receiving near market value for the property, my neice wants to have the new quitclaim deed, which will still have the "life estate" clause, to also show $1.00 price tag. I'm not comfortable with taking this direction. Any help here will be appreciated.
adonis Joined: 22 Oct 2005 Posts: 10574 Location: ALASKA 1090.82 Dollars($)	Posted: Wed Aug 24, 2011 7:50 pm    Post subject: Like 0 Dislike 0 Welcome spencehome, A life estate clause can be included in the property deed if your niece wishes that. I don't think that would be any kind of problem for you. Nevertheless, it will be better if you could contact a real estate attorney and take his opinion in this matter. _________________ Procrastination is the enemy of your financial success

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