Legal Question in Real Estate Law in Colorado
inherited property
my husband and his brother inherited a townhouse from their mother with the stipulation that her husband could live there until he died or got married. is there anything that my husband can do with his portion of the equity. there is no mortgage on the property.
1 Answer from Attorneys
Life estates
Louise Aron
Attorney at Law
Lakewood Office:
1536 South Ingalls
Lakewood, Colorado 80232 USA
(303) 922 7687
fax (303) 922-1370
Cherry Creek Office:
300 South Jackson #100
Denver, Colorado 80209 USA
(303) 780-7339
Satellite offices:
Boulder - 4450 Arapahoe Avenue, #100
DTC - 4610 South Ulster, #150
A TOLL FREE NUMBER is available to clients outside the Denver metro area.
web site http://effectnet.com/la/
LawGuru User
Dear LawGuru User:
I don't have enough information to conclusively answer this question. The terms of your mother-in-law's will need to be examined. Also what do your husband and his brother want to do with the equity -- do they want to sell the townhome? Do they want to mortgage it?
If your mother-in-law's husband has a life estate, that means he owns the townhome for life and until he dies, your husband and his brother have no legal right to sell or encumber equity in the townhome.
Thank you for using LawGuru.
Sincerely,
Louise Aron
Attorney at Law
web site http://effectnet.com/la/