Legal Question in Real Estate Law in Maine
life estate and renting property
I currently own a home with a life estate for a portion of the property. Am I allowed to collect a rent on this property if the person is not living in the property nor has a desire to and has knowledge of the plan to rent?
1 Answer from Attorneys
Re: life estate and renting property
If your question is asking if you can rent out the property that you own, subject to a life estate of someone else who is not living there, the answer is yes. Just remember that the lease is subject to the life estate, so if the life estate person changed their mind and wanted to move back next month they could force you to remove the tenant. So you want to either get the life estate to agree in writing to not come back for a certain period of time, or, make sure your lease is month to month so you will not be bound by a long lease to a tenant if the life estate asserts the right to return.