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life estate

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Jackie

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Post Posted: Mon Jun 30, 2008 4:06 pm    Post subject: life estate
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My mother inherited a life estate in a tract of land, with the remainder to her children at her death. If she deeds the land to us now, before she dies, are we free to deed it to another party? If we deed the property to another party, will that person have fee simple title to the property? The property is in North Carolina.
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Post Posted: Tue Jul 01, 2008 3:52 am    Post subject:
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Welcome Jackie.

Are you trying to say that your mother has inherited a tract of land and used a life estate deed? If it is so then she needs to cancel the life estate deed and use a fresh quitclaim deed to transfer the property so that you can sell the property. So is she willing to transfer the property to you?

Let me know if you have any further queries.

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Icon Mini Profile jheard
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Post Posted: Tue Jul 01, 2008 12:33 pm    Post subject:
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If the remaindermen also receive the life estate, both estates merge and the remaindermen own the property in fee simple. In plain english: the children own the property 100% and can sell it at will.
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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.
ecurbm

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Post Posted: Sun Aug 10, 2008 5:41 am    Post subject: life estate
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If there are defered taxes on the property and state in the states statue that the property cant be sold or transfered does that void out the deferment program and the owner has to pay the excisting taxes to date
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Post Posted: Sun Aug 10, 2008 10:22 pm    Post subject:
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Welcome ecurbm,

I suppose if there are deferred taxes, one has to pay them if he's into selling the property or transferring it to someone. By the way, which deferment program did you opt for?

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bruce bramlett

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Post Posted: Tue Jan 12, 2010 1:17 pm    Post subject: life estate with two.sisters on the deed
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can i cancel the life estate deed and use a fresh quitclaim deed so i can transfer the property so that i can seel it.
Icon Mini Profile jameshogg
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Post Posted: Tue Jan 12, 2010 11:09 pm    Post subject:
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Hi bruce,

Your query has been answered in the given page:
http://www.mortgagefit.com/propertytransfer/life-estate-sister.html

Please take a look at it. I hope it'll help you.

Thanks
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