Life tenant

Life estate

What is a Life Estate

A life estate is a freehold estate created when an owner of a free simple estate conveys ownership to another, but only for the balance of a lifetime of the party to whom the property is conveyed. The party who receives the ownership of a life estate is called a life tenant. During the life of the life tenant, they have all rights in the property. They may lease it, mortgage it, or even sell it. However,...

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