Life Tenacy Life Estate Guidelines

**lilyangelo** · 07-16-2005, 12:02 PM

I am a REALTOR and have a question about Life Estates.

I have a client interested in a property that would have a life lease for the seller. This Gentleman is in his 80s and the Buyer is military and has no intention of living on the property until 2012. If the year 2010 comes along and this Gentleman is still living, would my client have enough vested interest in the property to begin building?

I have been trying to get information online and have no luck. My Broker is not sure the answer either...

Can anyone help??

Thanks so much!

**aaron** · 07-16-2005, 01:35 PM

Why doesn't your client have a lawyer draft up documents pertaining to the life lease, giving himself the right to build (and indicating what rights the seller would have in regard to anything he builds) starting in 2010?

**lilyangelo** · 07-16-2005, 05:52 PM

I assume he would if he proceeded and purchased the property. Just asking if that is an option or not.

If it is clearly stated in purchase agreement would that allow for that type of action?

Sounds like it would.
Thanks so much for your response.