Legal Question in Real Estate Law in New Jersey

Re: Life Estate Transfer

Presuming the life estate was contained in the Deed, unless your mother relinquishes it you may find the house difficult to sell. A purchaser will only be purchasing the remainder interest (right of ownership and occupancy after your mother vacates the house or dies). If someone is willing to defer occupancy, which could be many years later, they would only pay a substantially reduced price. Plus, issues will arise as to responsibility to pay the carrying charges (taxes, insurance, mortgage, if any, etc.), plus utilities, repairs and maintenance, etc. As a tenant, your mother runs the risk of being evicted if she fails to meet her obligations. All of these issues need to be worked out as part of a potential sale. If you need help, contact me directly.