If I grant my parents a life estate via a warranty deed, wha

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Icon Mini Profile elanderson98





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Post Posted: Fri Aug 29, 2008 10:14 pm    Post subject: If I grant my parents a life estate via a warranty deed, wha
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I am buying my parent's house, with a mortgage on that house. I would like to grant my parents a life estate interest in this property via a warranty deed, but I don't know what my interest then is in the property as the "grantor." Can my parents, if they decide to move, dissolve their life estate interest and give it back? Can I get a second mortgage on the equity of that property?
Icon Mini Profile Niicss
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Post Posted: Sat Aug 30, 2008 2:34 am    Post subject:
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Welcome elanderson.

If a life estate has been used then your parents will remain the owner of the property as long as they lives.

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dissolve their life estate interest and give it back?

Yes you parents can transfer the property back to you or even they have the rights to transfer the property to any other persons.

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Icon Mini Profile sara
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Post Posted: Sat Aug 30, 2008 3:25 am    Post subject: RE: life estate, warranty deed and second loan
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Hi Elanderson,

Welcome to the forums.

I guess you need not buy the house just for the sake of getting the ownership rights. If your parents wish to retain a life estate on the property, they can do so simply by signing on a Life Estate deed. Such a deed would allow them to retain their ownership interest throughout their lifetime. After your parents pass away, property will pass on to you without any probate procedure.

As far as paying the mortgage is concerned, you can help your parents with the monthly installments. But do ask the lender whether he has any objection to the transfer with a life estate deed.

Take care

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Icon Mini Profile Caron
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Post Posted: Sat Aug 30, 2008 4:02 am    Post subject: RE: life estate issues
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Hi Elanderson,

Your parents have the right to move out or dissolve their life interest but they'll have to take the consent of the beneficiaries. And, as much as I understand, I don't think you can take out a second mortgage on your name until and unless you inherit property.

Good luck

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Jerryb45

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Post Posted: Mon Sep 08, 2008 8:16 am    Post subject: Can I sell home
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Daughter owned property, she gave me 1.50 acres of land, by virtue of Warranty Deed of Life Estate, which I put a home on. She went bankrupt on her land, it went back to the bank (this bank carries both mortgages, her home and land, my land and home) Can I legally sell my 1.50 acres and home?
Rosetta

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Post Posted: Thu Sep 11, 2008 11:29 am    Post subject:
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I feel you can sell off your land and home because the mortgage offered against the land and home is not included in the bankruptcy. It doesn't matter if the same bank holds your mortgage as well as the daughter's loan. What's important is whether or not the mortgage is included in the bankruptcy.
brownie

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Post Posted: Thu Apr 02, 2009 6:26 am    Post subject: lifetime estate
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my fiance and his parents had been paying on their house together, all three names on the deed, it was supposed to be the last one surviving got the house. My fiances mom one day says she can sell the house and is going to. My fiance found out that at any time any of them could sell the house so he decided he wanted to buy the house himself and give them lifetime rights to guarantee them that they could live there the rest of their lives. He also paid off their bills for them. He gave them lifetime rights to the upstairs portion of the home (as he was living downstairs at the time ) to keep them from thinking they had the right to go downstairs. He also gave them use of two outside buildings and no use of his garage he built a couple years ago, nor of the barn, not knowing that he then had no right to go upstairs in his own home. His mom left his dad almost 2yrs ago. She tried to come back around Christmas time. My fiance was upstairs and she told him to get out of her house. he said it was his house so she called the cops on him. They came and asked her why she came back for, when neither her husband nor son wants her there. Anyway the dad gave my fiance written permission to go upstairs, on the deed the parents are supposed to pay fire insurance, taxes, part of utilities and the mom hasn't paid anything. My fiance just got a paper in the mail from her yesterday saying basiclly shes coming back and there's nothing he can do about it and if he tries she's gonna take him to court, he's not to go upstairs, he has no use of the yard, cannot make her fix things that need to be fixed upstairs,etc. We're talking about HIS house that he is struggling each month to pay for. what a mess!!!!! So think long and hard before you give your parents lifetime rights, make sure you know exactly what it means. there are so many loop holes. My fiance is suffering and is under great stress due to this decision. He was trying to do the right thing by his parents plus secure his future (in his mom not being able to sell the house) and look where it got him. Lots of grief and heartache from his own mother. Let this be a lesson.
Icon Mini Profile smithsussane
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Post Posted: Thu Apr 02, 2009 11:13 pm    Post subject:
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Hi brownie!

Welcome to forums!

Thanks for sharing your experience with the community. It's really heartbreaking to know that your fiance's mother did that with her own son.

Sussane
Brenda

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Post Posted: Fri Aug 21, 2009 11:00 pm    Post subject: Warranty Deed with reservation of life estate
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would like to know if I file chapter 7 bankruptcy would this affect my Mom in any way since she says she still owns the property though she gave me a warranty deed with reservation of life estate. I don't understand if she own the land how that could affect me filing chapter 7 bankruptcy. I would appreciate any feed back.
Icon Mini Profile jameshogg
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Post Posted: Sun Aug 23, 2009 10:18 pm    Post subject:
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Hi Brenda,

You are the primary owner of the property and can file Chapter 7 bankruptcy. However, your mother has the life estate rights to that property which means that she has the right to stay in that property until death. In my opinion, if the mortgage is not in your mother's name, then your filing bankruptcy will not effect her.

Thanks
Yvonne

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Post Posted: Wed Sep 09, 2009 5:46 pm    Post subject: Life estate deed
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My grandmother has a life estate deed to a house which my sister and I own. She now resides in a nursing home and has no current plans to move home (she is 91). My uncle is her power of attorney and insists that he has the right (as long as my grandmother is alive) to rent her property to someone else. Can he do that? We are concerned about renting and liability issues etc.
Icon Mini Profile smithsussane
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Post Posted: Wed Sep 09, 2009 10:32 pm    Post subject:
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Hi Yvonne!

Welcome to forums!

As far as I know, your grandmother can stay in the property until death. But, in my opinion, she or your uncle will not be able to rent out that portion of the property to someone else without your permission. However, to be on the safer side, consult an attorney and take his opinion.

Feel free to ask if you've further queries.

Sussane
Yvonne

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Post Posted: Thu Sep 10, 2009 8:38 pm    Post subject: lifetime estate deed
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I will follow up with an attorney. Thank you!
marilyn jinright

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Post Posted: Thu Nov 26, 2009 6:29 pm    Post subject: Life Estate Deed
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My mother gave me a life estate deed to an acre of land so I could put a mobile home on it. Five years later, the moble home was repossed. I still have two storage units on the property containing my personal things. Since I do not live on the property at this time, she says I abandoned the property and she has the right to take the land back. What are my legal rights?
Icon Mini Profile smithsussane
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Post Posted: Thu Nov 26, 2009 10:08 pm    Post subject:
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Hi marilyn!

Welcome to forums!

As far as I can understand, as your mother has given you life estate rights to the property, you will be able to stay in that property until death. However, you won't be considered as the owner of the property. Upon your death, the property would solely belong to the person who is mentioned as the grantee on the property deed. If you want to give away the life estate rights, then you need to sign a deed in that regard. You need to contact a real estate attorney and take his opinion in this regard.

Happy Thanksgiving Day Smile

Feel free to ask if you've further queries.

Sussane
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