Results 1 to 2 of 2
  1. #1
    Join Date
    Jul 2009
    Posts
    8

    Default Buying a Life Estate and Future Interest

    This is a question about property in Georgia.
    I just purchased a house and some acreage in Georgia. The family next door has offered to sell me an adjoining piece of acreage. The way it was explained to me was that the mother really owned it, but that the son would inherit it. A bit of research tells me that the father (now deceased) left the property to the son (my neighbor) with a life estate for the mother (living with my son the neighbor).
    The son tells me that both he and the mother want to sell me all of their interest in the property. Will this work? How? I know I need to get a real estate attorney, but I'm just trying to get a handle on the various ways to deal with this issue before I go talk to one.
    Thanks for your help.

  2. #2
    Join Date
    Jan 2006
    Posts
    20,743

    Default Re: Buying a Life Estate and Future Interest

    what the mother owns and what the son owns are two different issues. The mother owns a life estate, which basically means she has control of the property as long as she lives. The son owns the actual property but cannot take control of the property until moms life estate ends or is terminated for some reason.

    So, either party can sell their interests, separate from the others issue.

    So, yes, speak with an attorney to be sure you purchase all interest in the property, if that is what you intend. Son cannot sell moms interest and mom cannot sell sons interest.
    I am not an attorney and any advice is not to be construed as legal advice. You might even want to ignore my advice. Actually, there are plenty of real attorneys that you might want to ignore as well.

    1. Sponsored Links
       

Similar Threads

  1. Life Estates: Can a Remainderman on a Life Estate Sell His Future Interest
    By MRK95 in forum Ownership and Title
    Replies: 2
    Last Post: 05-21-2009, 11:08 PM
  2. Life Estates: Life Estate Interest
    By casicasi in forum Ownership and Title
    Replies: 1
    Last Post: 10-21-2008, 11:14 AM
  3. Life Estate Interest
    By slipsmoke2002 in forum Buying, Selling and Conveying Real Estate
    Replies: 2
    Last Post: 07-08-2008, 07:05 PM
  4. Life Estates: Buying Someone's Interest In A Life Estate
    By jchavannes in forum Ownership and Title
    Replies: 1
    Last Post: 04-29-2008, 06:38 AM
  5. Life Estates: Buying Out a Life Estate
    By Luczak in forum Ownership and Title
    Replies: 2
    Last Post: 11-10-2007, 02:31 PM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
 
Forum Sponsor
Real Estate Forms
Real estate forms and contracts, state specific, immediate download.




Untitled Document