Buying or Selling a Home/Buying out a life estate

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Question
here is the situation:  My sister and I are on the title of the property our dad left with our step mom listed to have a life estate.  She now wants to move to south dakota with her kids.  Do we have to buy her out?  Can she sell the house without our consent.  The deed says on my sister and I.

Answer
Your stepmother is not on title, right? Therefore she cannot do anything with it, certainly not sell it. However, as long as she lives there, she does have that right because of the life estate. If she plans to move out to live with her kids, then get a simple document saying she is abandoning her right on a life estate, have it notarized that she signed it. Then you're okay. Keep that signed document after recording it with the county. By doing that, it eliminates any chance the title company would have any problems with the life estate. All this is just to make sure, because the fact that she no longer lives there is evidence enough that she has abandoned her rights. But you want to make sure. So you have her sign that abandonment. You probably should have a real estate attorney draw up that abandonment just to make sure.

I do wish you well, Betty.

Dick Dennis               dixiedee13@aol.com

Buying or Selling a Home

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Dick Dennis

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With more than 41 years as a real estate broker, I can solve most any problem presented. If I can`t, I do my research. Problems with mortgages, trust deeds, foreclosures, odd ways of conveying titles. Most any good Realtor can answer questions satisfactorily, but I answer questions that most cannot. Also, ask about my hard-copy newsletter, The Landed Gentry. It can also be sent to you via PDF.

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Solving real estate problems for 37 years.

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National Association of Realtors

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Publishes The Landed Gentry, guest writer in Who's Who in Creative Real Estate, First Tuesday, Financial Freedom and many newspapers

Education/Credentials
e-Pro Realtor, Certified Distressed Property Expert, Who's Who in Creative Real Estate

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