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I am selling a property and on the deed is stated a person…

Customer Question
I am selling a...

I am selling a property and on the deed is stated a person has a lifetime interest in it but they do not have a deed with their name on it do I owe them a portion of the sale

Lawyer's Assistant: Where is the property located?

In Maine

Lawyer's Assistant: Has any paperwork been filed?

Yes a contract for sale of the property

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

I don’t think so.

Submitted: 4 months ago.Category: Real Estate Law
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Answered in 4 minutes by:
3/6/2018
Real Estate Lawyer: ScottyMacESQ, Lawyer replied 4 months ago
ScottyMacESQ
ScottyMacESQ, Lawyer
Category: Real Estate Law
Satisfied Customers: 18,161
Experience: Licensed General Practice Attorney, Texas
Verified

Thank you for using JustAnswer.

Can you clarify your question? You said "on the deed is stated a person has a lifetime interest in it but they do not have a deed with their name on it ". So there is a deed with their name on it but there's not a deed with their name on it?

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Customer reply replied 4 months ago
There is a deed with their name on it but only as having a lifetime interest in it the deed actually is in someone else’s name
Real Estate Lawyer: ScottyMacESQ, Lawyer replied 4 months ago

When you say "the deed actually is in someone else’s name" what do you mean by that? Do you mean that the "someone else" has the "remainder interest" (gets the property when the first person dies)?

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Customer reply replied 4 months ago
At the bottom of the deed it is stated the party has a lifetime estate
Customer reply replied 4 months ago
No the deed is already in another persons name only on the bottom of the deed is it stated they have a lifetime interest in it.
Customer reply replied 4 months ago
The deed is in the register of deeds under the name ***** ***** year 1995 in the state of Maine if you wish to review it.
Real Estate Lawyer: ScottyMacESQ, Lawyer replied 4 months ago

Do you have a copy that you can upload here?

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Customer reply replied 4 months ago
No I do not you can go under registry of deeds state of Maine and read it if you wish.
Real Estate Lawyer: ScottyMacESQ, Lawyer replied 4 months ago

I cannot do research off site for specific documents. That is, if you upload one here I can review it, but I can't go looking for a document in the databases per the terms of service of this site. I'm trying to understand this situation the best I can.

You said there's a 1995 deed with the name ***** *****. At the bottom of the deed it says that it says that he has a lifetime interest in it. Then "they do not have a deed with their name on it". But what then is that 1995 deed?

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Customer reply replied 4 months ago
No he is not the one who has the life interest in it my Aunt is in fact the deed is in four siblings names they have all passed but two my mother and my Aunt my Aunt is the one with the life interest
Real Estate Lawyer: ScottyMacESQ, Lawyer replied 4 months ago

I'm sorry, I still don't understand what the situation is. I'm going to opt out and perhaps another attorney will better be able to understand your situation. Please stand by.

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Real Estate Lawyer: Gerald-Esquire, Lawyer replied 4 months ago
Gerald-Esquire
Category: Real Estate Law
Satisfied Customers: 5,336
Experience: Over 30 years of experience
Verified

Hello,
Thank you for using Just Answer. I am a different expert.

I am working on your answer now. I am sorry for the delay. It takes some time to prepare a complete answer. Please note the phone call requests are generated automatically from the system. I do not control them.

Thank you for your patience and understanding.

Kind regards,

Gerald

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Real Estate Lawyer: Gerald-Esquire, Lawyer replied 4 months ago

Hello,

Thank you for your patience and thank you for using Just Answer. I want to provide you the best service I can. Please feel free to ask any follow-up questions you have.

I am an attorney with 30 years of experience; I hope to provide you information that will help you in resolving your question.

A person who has a Life Interest in real estate is said to have a Life Estate. that is the right to possess the property during their lifetime. There is some value to the life estate depending on the age of the person who holds it. That value is calculated based on their life expectancy.

This chart can show you how to calculate that value:

https://www.dcf.state.fl.us/programs/access/docs/esspolicymanual/a_17.pdf

For example if the person who holds the life estate is 80 years old the life expectance value is .43659. If you sell the property and the proceeds (price after expenses and after cost basis) is $100,000.00 they would be entitled to $43,659.00.

BUT check the deed carefully. It may only grant her the right to live there and not any estate rights. The Deed must say that "her Name" is granted a Life Estate or Life Interest in the property.

I hope the information I provide is useful to you. I want you to be comfortable and satisfied with my attempt to assist you. Please, if you have ANY follow-up questions, feel free to ask.

If you ask a follow-up question and I do not respond immediately, it is because I am temporarily unavailable. I promise to respond as soon as I return. Please note that I am often unavailable Friday evening through Sunday.

Please do not forget to give me a positive rating. It adds nothing to your costs but helps me greatly. Thank you.

If you are dissatisfied with my response, PLEASE let me know before giving me a negative review so that I may try to be of better assistance. Or, if you prefer, let me know and I can “Opt Out” and your question can be re-posted without additional cost to you. I will be fair to you, and only ask the same from you.

Good luck.

Please note: Information is educational and not given as legal advice. Only your local attorney can give legal advice. I can't establish or accept an attorney-client relationship with you. All posts are available for public viewing.

Kind regards,

Gerald

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