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McGraw-Hill's Real Estate Law for Paralegals 1st Edition by Lisa Schaffer, Curriculum Technology Staff, Mcgraw Hill Education Staff, Andrew Wietecki
Edition 1ISBN: 9780073376950McGraw-Hill's Real Estate Law for Paralegals 1st Edition by Lisa Schaffer, Curriculum Technology Staff, Mcgraw Hill Education Staff, Andrew Wietecki
Edition 1ISBN: 9780073376950 Exercise 1
What is a life estate?
Explanation
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Property have not be given any legal meaning in law. This word is used to describe both tangible and non-tangible items. Property has been described as rights of a person that describes ownership and entitlement of ownership including both personal and real property.
Life estate refers to estate in which ownership interest in the property is designated for a period of time based on the life of the estate. Life estate is measured and granted on the basis of life of one or more persons. It is to be noted that on the death of the person who has the life estate, the property also goes to a third person. Life estate can be made by the help of deed, will, or on the basis of an agreement between the parties.
Life estate refers to estate in which ownership interest in the property is designated for a period of time based on the life of the estate. Life estate is measured and granted on the basis of life of one or more persons. It is to be noted that on the death of the person who has the life estate, the property also goes to a third person. Life estate can be made by the help of deed, will, or on the basis of an agreement between the parties.
McGraw-Hill's Real Estate Law for Paralegals 1st Edition by Lisa Schaffer, Curriculum Technology Staff, Mcgraw Hill Education Staff, Andrew Wietecki
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