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I'm 87 yrs.old. My condo is in a life estate quit claim

I'm 87 yrs.old...

I'm 87 yrs.old. My condo is in a life estate quit claim deed.

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

I'm 87. Own a condo in florida. It is a life estate quit claim deed. Can i sell my condo? Do i get the money or my 3 children who are listed on the deed? If I can't sell it , can my children sell it while i am alive? thank you

Lawyer's Assistant: Has anything been filed or reported?

Only the deed back in 2004

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

If i can't sell the condo, can my kids sell it for me while i am alive?

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Answered in 6 minutes by:
1/13/2018
RobertJDFL
RobertJDFL, Attorney
Category: Estate Law
Satisfied Customers: 14,800
Experience: Experienced in multiple areas of the law.
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Thank you for using Just Answer. I am a licensed attorney and look forward to helping you. I am reviewing your question and will reply back shortly.

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Good evening,

Yes, you can sell it, but both you as the life tenant and your children (the remaindermen) must join on the deed. In other words, you must all agree to sell the property. Furthermore, as the remaindermen, your children have a right to seek a share of the proceeds of the sale of the property.

Please let me know if I may clarify anything or provide you with additional information. Thank you.

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Customer reply replied 3 months ago
Thank you. So to confirm: The deed that I have currently reads: Executed this 22nd day of 2014, by Me, a single woman, first party: to Me, a life estate, vested remainder to my beloved daughter and my beloved son and my beloved son as co remainderman, all as joint-tenants with rights of survivorship. . My kids and I are all in agreement that the property be sold. I need to move closer to them due to my declining health. Since I am alive and the home is being sold. I'm not sure which one is correct...(1) Do the proceeds from the sale get divided between the 4 of us? (2) Do I get all the proceeds and they get nothing? (3) Or do the proceeds from the sale just go to the 3 kids and I don't receive anything. I really appreciate your time and help.
Upon sale, a life tenant is entitled to compensation for the sale of his or her interest. Life estates are valued using the age of the life tenant and the present fair market value of the property.The State of Florida publishes a table to help calculate the value which you can find here:https://www.dcf.state.fl.us/programs/access/docs/esspolicymanual/a_17.pdfNow, theoretically, you are free to come to an agreement between all of you to do with the money what you wish (e.g., share it equally or give it all to you). I’m just telling you what the process normally is when a life tenant sells their property.
RobertJDFL
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