Buying a property with lifetime lease?

[Yinan Q.]

I've heard of lifetime lease but not sure exactly what it is and under what circumstances a lifetime lease is created.

My understanding is that a lifetime lease allows the tenant to live in the property until the death of the tenant (I could be wrong).

So my questions is, can the owner sell a property with lifetime lease? If yes, what should I do if I bought a property with a lifetime lease but the previous owner failed (intentionally or unintentionally) to disclosure to me?

[Mark Creason]

Originally posted by @Yinan Q.:

I've heard of lifetime lease but not sure exactly what it is and under what circumstances a lifetime lease is created.

My understanding is that a lifetime lease allows the tenant to live in the property until the death of the tenant (I could be wrong).

So my questions is, can the owner sell a property with lifetime lease? If yes, what should I do if I bought a property with a lifetime lease but the previous owner failed (intentionally or unintentionally) to disclosure to me?

I have never heard of a lifetime lease, but I have heard of a life estate.  A life estate would be a situation where somebody has an interest in the property until their death.  The life estate should be recorded to be enforceable.

I would recommend an estoppel certificate to confirm lease terms on any purchase where their are tenants.  An estoppel certificate lays out the terms of the lease, including length of lease, rental rates, cancelation clauses, and security deposits.  They are used to protect the buyer, seller and the tenant as everyone knows the existing lease terms.

Mark