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A life estate is a form of joint ownership that allows one. person to remain in a house until his or her death, at which time it passes to the other. owner, referred to as the person with the remainder interest.
An interest in land that lasts only for the life of the holder. Thus, the holder of a life estate cannot leave the land to anyone in their will, because their interest in the land does not survive the person.
A life estate is a form of joint ownership that allows one person to remain in a house until his or her death, when it passes to the other owner. Life estates can be used to avoid probate and to give a house to children without giving up the ability to live in it.
The buyer, or grantee, of a property benefits the most from obtaining a warranty deed. Through the recording of a warranty deed, the seller is providing assurances to the buyer should anything unexpected happen.
An interest in land that lasts only for the life of the holder. Thus, the holder of a life estate cannot leave the land to anyone in their will, because their interest in the land does not survive the person.
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A life estate deed is one such tool to help deal with passing your home to the next level beneficiary. It avoids the probate process and automatically passes to the beneficiary you name on the deed.
Alabama only has one: The life estate deed. Life estate deeds involve co-ownership of real estate, but each class of joint owners has possession rights at different points in time. The person who owns the property during his or her life is called a life tenant.
Furthermore, as a tenant-in-common, the surviving spouse is responsible for 50% of the mortgage principal, interest, taxes, and maintenance, along with the remaindermen.
Alabama does not allow real estate to be transferred with transfer-on-death deeds.
One of the biggest issues that can arise from a life estate deed is the fact that neither the life tenant, nor the remainderman, may sell the property without the others consent.

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