Results 1 to 7 of 7

Hybrid View

  1. #1
    Join Date
    Jan 2017
    Posts
    2

    Default Can the Property Be Sold if the Life Tenant Moves to a Nursing Home

    My question involves real estate located in the State of: Massachusetts

    My sister and I are the remaindermen to our mothers home. She is 93 and will have to move to assisted living soon.
    1) Can the house be sold after she moves (but while she is still living)?
    2) My sister is currently living in the house with my mother. If she wants to buy my interest, is this allowed?

  2. #2
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: Can the Property Be Sold if the Life Tenant Moves to a Nursing Home

    You say remaindermen. Does that mean your mother has a life estate in the home?

  3. #3
    Join Date
    Sep 2010
    Posts
    19,901

    Default Re: Can the Property Be Sold if the Life Tenant Moves to a Nursing Home

    Just moving out is not enough to terminate the life tenancy. She's free to anything with her life tenancy (let someone else live their for free, rent it out, etc...) as long as the place is kept up and the taxes are paid, etc. As a remainderman, you can't practically "sell" the property while the life tenant is still alive. You could if the person buying it is willing to accept that there is a life tenancy in play. Your sister obviously would know that this is true, and likely would be the only one who would consider buying it. You could sell your share to her or you could keep it. It's up to you.

  4. #4
    Join Date
    Oct 2006
    Posts
    16,474

    Default Re: Can the Property Be Sold if the Life Tenant Moves to a Nursing Home

    Quote Quoting flyingron
    View Post
    Just moving out is not enough to terminate the life tenancy. She's free to anything with her life tenancy (let someone else live their for free, rent it out, etc...) as long as the place is kept up and the taxes are paid, etc. As a remainderman, you can't practically "sell" the property while the life tenant is still alive. You could if the person buying it is willing to accept that there is a life tenancy in play. Your sister obviously would know that this is true, and likely would be the only one who would consider buying it. You could sell your share to her or you could keep it. It's up to you.
    You could also sell it if the life tenant freely relinquishes her life tenancy or sells the remaining value of her life tenancy to the two of you. You would still have a problem if your sister would not agree to sell, even if your mom relinquished her life tenancy or was willing to sell her life tenancy.

    Have you sat down and discussed the situation with your sister?...with your mom is she is still competent?

  5. #5
    Join Date
    Jan 2017
    Posts
    2

    Default Re: Can the Property Be Sold if the Life Tenant Moves to a Nursing Home

    Quote Quoting jk
    View Post
    You say remaindermen. Does that mean your mother has a life estate in the home?
    Yes she does

    Thanks for the reply. It's surprising how little information I could find on google. This is a great site.

    It does. Thanks

    Mom is no longer competent.

    Currently trying to work things out with my sister, who is interested in buying the property.

    Can you offer any guidance on what a typical "family discount" off market value is common for the sale of a house (estimated value @$500K)

  6. #6
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: Can the Property Be Sold if the Life Tenant Moves to a Nursing Home

    The price needs to be whatever you and your sister agree to. I've known people that nearly gave property to relatives and I've known people
    that charged well over market value.

  7. #7
    Join Date
    Jan 2017
    Posts
    17

    Default Re: Can the Property Be Sold if the Life Tenant Moves to a Nursing Home

    Quote Quoting billdski
    View Post
    Mom is no longer competent.
    That changes everything.

    Do you or your sister have power of attorney and/or guardianship over your mother?

    1. Sponsored Links
       

Similar Threads

  1. Life Estates: How Should Property Be Handled when a Life Tenant Goes into a Nursing Home
    By kimk in forum Real Estate Ownership and Title
    Replies: 5
    Last Post: 07-11-2016, 03:40 PM
  2. Federal Taxes: Capital Gains Liability on a Home Sold by a Nursing Home Resident
    By Helpme1000 in forum Tax Law
    Replies: 4
    Last Post: 02-22-2014, 11:30 AM
  3. Life Estates: How to Remove Life Use for a Parent Confined to a Nursing Home
    By utopia in forum Real Estate Ownership and Title
    Replies: 2
    Last Post: 04-28-2011, 10:57 AM
  4. Life Estates: Parent in Nursing Home Has a Life Estate She Cannot Use
    By gregc11514 in forum Real Estate Ownership and Title
    Replies: 2
    Last Post: 04-23-2011, 02:25 PM
  5. Estate Planning Strategies: Life Estate Holder in Nursing Home
    By spuddy98 in forum Estate Planning, Administration and Probate
    Replies: 6
    Last Post: 11-12-2009, 08:31 PM
 
 
Sponsored Links

Legal Help, Information and Resources