Legal Question in Real Estate Law in Kentucky
Life Estate
We have a contract for deed to buy a 100 acre farm. The sellers sister has a life estate in the property
and she is unwilling to sign the deed. She has never
lived on the property or shared in debt or income
from the property. If we buy the property subject
to her life estate what problems might we have with her later on? The seller is keeping the house and
lot. There is no other residence on the farm.
1 Answer from Attorneys
Re: Life Estate
In Kentucky, as most other places, a life estate gives the holder a right to occupy and use the property during his or her life. At the death of the life holder, the title passes in some form. The important thing here is to look at the document creating the life estate to determine the extent of her interest and how the reminder passes at her death. You really need local counsel to perform a title examination here and rendere an opinion. This is not a "do it yourself" project. The documents creating the life estate MUST be reviewed.
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