Ask Experts Questions for FREE Help !
Ask
    jlhines7's Avatar
    jlhines7 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Sep 3, 2013, 04:49 PM
    Removing a Life Estate
    We did a Life Estate for our daughter and son-in-law, but now we may have to refinance the mortgage. How do we do away with the Life Estate? They are fine with it.
    LisaB4657's Avatar
    LisaB4657 Posts: 3,662, Reputation: 534
    Expert
    		  
    #2

    Sep 5, 2013, 06:18 PM
    To remove the life estate your daughter and son-in-law have to sign a quit claim deed transferring any interest they may have in the property to you. The deed can be prepared by the title company and recorded at the same time that you do the refinance.
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
    Expert
    		  
    #3

    Sep 7, 2013, 11:07 AM
    Quote Originally Posted by LisaB4657 View Post
    To remove the life estate your daughter and son-in-law have to sign a quit claim deed transferring any interest they may have in the property to you. The deed can be prepared by the title company and recorded at the same time that you do the refinance.
    Yes, but if the life estate is still what OP wants as an estate-planning tool, it would be equally effective for the daughter and son-in-law to sign the new mortgage (not the note). The bank or finance company shouldn't have a problem with that.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Life estate [ 0 Answers ]

OK guys Got to another question for you experts out there. I was asked this question and could not answer it. If a house is gifted to someone with living rights and the person who is gifting it to them has to go to a nursing home,doesn't the house have to be sold to pay for nursing home care?...

Life estate [ 1 Answers ]

Ok guys Can someone explain what a life estate is,how it works. I have heard people talk about it but am not sure what it is. If I have posted in the wrong area of this site please let me know. Thanks

Removing a tenant as an Executor of Estate [ 2 Answers ]

My mother passed away and made me executrix of her house. When I went to evict her long-term boyfriend who resided with her, I was told by the local police department that I needed a Court Order. When I attempted this he filed that a palimony suit against the estate. The house had a Medicaid...

Life Estate [ 1 Answers ]

My mother has a life estate. I would like to have her siblings release their interest in the property to me. How do I do that?

Life estate [ 1 Answers ]

Hello Can some one explain to me what the difference between a life estate and an estate being gifted to some one in a will. I have a friend who says she was gifted with a house from her inlaws and then said it was a life estate. When I asked her to explain she says they were the same thing....

View more questions Search