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I want to purchase a condo in Florida. I want to create a…

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I want to purchase a...
I want to purchase a condo in Florida. I want to create a life estate for my brother to live there during my life. If I pass, I want him to have the ability to live on in the apartment. Neither he or I have children or are married. If he passes I want the qomership to pass back to me or my estate. How is this document set up in Florida ??. I must have a lawyer that is familiar with Florida law
Submitted: 2 years ago.Category: FL Real Estate
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Answered in 29 minutes by:
2/2/2016
Lawyer: barristerinky, Attorney replied 2 years ago
barristerinky
barristerinky, Attorney
Category: FL Real Estate
Satisfied Customers: 43,077
Experience: 17 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
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Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

.

The way you would do this is you have the deed drafted by the seller's attorney so as to transfer the property to you, but make is subject to brother's life estate rights. This is stated specifically in the deed to the property. He would then have the right to use and occupy the property for his lifetime, and when he passes, the property would then come back to you or your estate.

.

It is a good idea to specify things like who is responsible for taxes, insurance, mortgage payments, maintenance, etc. up front so that there are no questions later about who is responsible for what. This is all stated in the deed. So you would want to talk to the seller's attorney or closing company and see if they would be willing to draft the deed as a life estate deed initially when you purchase. If they won't, then you would need to have a local FL real estate law attorney draft up a new deed from you as the grantor back to you as the grantee with the life estate reservation for brother.

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It is a fairly simple process and the only complications are how you want to set up responsibility for certain things..(taxes, insurance, etc.)

.

.

thanks

Barrister

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