Legal Question in Real Estate Law in Virginia

My parents own their home and the 27 acres around it. A couple has approached them with an offer to buy it all and to let my parents remain there until they die. The couple would also like to build a home on the property. Is this something that is legal and if so what is it called? From everything that I have read, life tenants looks like its mainly between parents and children. Can it also be life tenants with people who are no relations? Thanks for your time.


Asked on 12/06/14, 7:29 pm

1 Answer from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

Yes, this kind of status (life tenancy) for a seller in a real estate transaction who is unrelated to the buyer is possible but should never be entered into without the seller being represented by an attorney who has carefully scrutinized the provisions of the sale contract for loopholes that might eventually allow the buyer to oust the seller from the property.

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Answered on 12/07/14, 8:15 am


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