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Updated over 5 years ago,
Buying property in life Estate?
The property in question is a hoarder’s house who is older and her family has come from out of state to get her into assisted living. I’m going to see it tomorrow but before I go I would appreciate if I could get some insight from you guys here in BP.
The information on the house is her name followed by (life Estate) so I was curious how it will differ from a normal purchase? Apparently it’s with her son and he is also out of state but is happy to do anything he needs in order to make it work.
The family who is here to help her (her brother and her SIL) is desperate and needing to close very fast so that they can get back to their home state and resume their lives.
I’m just trying to make sure that there will not be any hiccups because of it being in a life Estate so that the family doesn’t endure any additional stress.
And also if you could inform me as to whether the sale differs any compared to if there wasn’t a life Estate.
Thank you!