A life estate is a interest in real property for a

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A life estate is a interest in real property for a person’s lifetime; on that persons death, the interest is transferred to another party A life estate is set usually on the life period of the grantee (the owner of the house by the grantor) The grantee does not own the property (it is own by the grantor) but the grantee lives it The person is entitled to occupy the property for the reminder of their lives If you own life estate, you can use it as a fee simple owner can with one exception (YOU CANNOT DO ANYTHING THAT WILL DECREASE THE VALUE OF THE PROPERTY) Estate Pour Autre Vie – a life estate that is measured by the life of a third party o You would have a life estate but it is measured with someone else’s life (the death of a third party) Concurrent Ownership - Concurrent ownership (co-ownership) a situation in which two or more persons own a piece of real property
Joint Tenancy – a form of co-ownership that included the right of survivorship o Upon the death of one of the co-owners, the deceased person’s interests in the property automatically passes to the surviving joint tenant o Right of survivorship – a legal rule providing that, on the death of one of joints tenant, the deceased person interest in the real property automatically passes to the surviving joint tenant or joint tenants o Two or more people own a house in fee simple absolute o If there is any type of tenancy all the owners own the undivided hole o In a joint tenancy, you have the right to the property so if someone dies the other tenant gets the complete right (Right of Survivorship) o A will has no effect on the joint tenancy (0 effect), it has the survivorship right o Only a living person can sale a property Tenancy in common – a form of co-ownership in which the interest of a surviving tenant in common passes to the deceased tenant’s estate and not the co-tenants o A tenant in common can sell, give, devise, or other transfer his or her interest in the property without consent of the other co-owners o The owner can leave their interest to the property in a will o Of people don’t chose which tenant they want, it is automatically set as an tenancy in common Tenancy by the entirety – a form of co-ownership of real property that can be used only by the married couple o If one of the couples dies, then the right of survivorship falls into place, the surviving member gets the ownership of the hose o Right of survivorship – a legal rule providing that, on the death of one of joints tenant, the deceased person interest in the real property automatically passes to the surviving joint tenant or joint tenants o This is distinguished by other tenancy because nether spouse (party) may sell or transfer his or her interest in the property without the other spouses consent o Is a joint tenancy of married persons o To sell or fit the property, both persons have to sign a contract o If a husband or wife owns a property then they both needs to agree to sell or do something with the house

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