Legal Question in Real Estate Law in Connecticut

Re: life's use

You cannot sell the present use of the home. That belongs to the person with the life estate. Your interest in the property is the remainder that accrues after the life estate is ended. The value of your present interest in the property is likely diminished because a purchaser could not take possession of the property until after the life estate ceases. There are numerous factors that could affect the compensation the individual might accept in exchange for his/her life estate. A further issue is whether the individual is presently occupying the premises or is able to do so. If possession of the property by the individual is not possible (for ex. because of permanent residency is a nursing home) the courts might consider the life estate to have ended.

Re: life's use

In the first place, you can't sell the life use. You can sell the remainder (that is, you can sell the property, but the buyer doesn't get to occupy until the life use is up - the 85 year old dies). The holder of the life use may agree to sell the life use along with your remainder so the buyer gets the whole kit and kaboodle. The price he should want for selling his life use is up to him, but it would be valued on the open market at whatever a fair monthly rent would be x his life expectancy, discounted to today's value.