Legal Question in Real Estate Law in Virginia
Real estate - life estate and creditors
In 1985 my father sold our home to me reserving a life estate. In 1988 a creditor received judgement against him. He died in 2000 and I sold the property this year. Does the creditor still have a valid claim on the property or did it expire when my father died? A title company is holding my proceeds from the sale saying I must first pay my father's judgement.
1 Answer from Attorneys
Re: Real estate - life estate and creditors
Once your father died, his life interest in the property was also extinguished and you became the absolute sole owner in fee simple, unencumbered by any liens which might have attached to your father's interest, and any claims against him held by his judgment creditors should have been presented to his estate for payment consideration within the time frame in which the estate was open for such matters.
However, if such did not happen and
your father's estate has now closed with all claims paid that were deemed payable by the executor, I believe that it is now too late and that the creditor's current claim to a portion of your sale proceeds is legally unsupported and without merit.
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