Interested in a property ...

[NinePack]

Found a place we would like to purchase but its sold as a life estate ? meaning the current occupant keeps possession till they pass . Not really familiar with this. Anyone have experience or opinions. Would they pay rent . If its an acreage are we allowed on any of property?

thanks

[ricosuave]

Might want to go into the Real Estate and/or Mortgage threads and ask one of the sponsors there...

[troutman]

Is there something registered on the title you can get a copy of describing this life estate?

Basically a life estate is a trust, where the occupant has the right to live in the home until they move or die. The transfer of legal ownership is subject to this trust. The trust should explain what expenses the occupant is responsible for.

Life estates are often created in wills in second marriages where one spouse owns the house, but does not want the surviving spouse to be kicked out on the death of the owner. The surviving spouse can stay on for a fixed or indefinite period of time, after which it typically goes to the children of the deceased spouse.

[Fighting Banana Slug]

What troutman says. When speaking of purchasing real property, we are generally talking about fee simple. A life estate can be carved out of fee simple ownership in a variety of circumstances, but you need to fully understand what rights you are acquiring and you will likely need to consult with a lawyer.