Legal Question in Real Estate Law in Connecticut
Can I sell my duplex and give an elderly couple life use of one side? The couple are 85.
1 Answer from Attorneys
Yes you can. The deed to the new owner will have to specifically identify the side of the duplex the life use is being given to the couple. I assume this couple may already be in possession of this unit and possibly a tenant and/or relative of yours. If you are selling to a third party you either will have to sell it for cash or if the buyer needs a mortgage the elderly couple will need to sign a schedule to the mortgage subjecting their life use to the mortgage assuming the buyer's lender is willing to even allow this. The risk to the couple with the buyer having a mortgage is that if the buyer defaults and the bank forecloses it would foreclose out the life use of the couple a result I'm sure you would want to avoid.