Engineering College

"The right to live in a home and use the property as long as a person live" is an example of what kind of freehold estate? please explain why?

Answers

Answer 1

The right to live in a home and use the property as long as a person lives is an example of a life estate. A life estate is a type of freehold estate where an individual has the right to use and live on a property for the duration of their life or the life of another individual.

What is a freehold estate?

A freehold estate is an estate in land that is owned for an indefinite duration. In other words, it is an estate in land that is held for an unlimited period of time. It is an estate in land that gives an individual absolute ownership over the property, subject to governmental restrictions, such as zoning regulations, or the like.

What is a life estate?

A life estate is a freehold estate in which an individual has the right to use and live on a property for the duration of their life or the life of another individual. Once the individual passes away, the property reverts back to the original owner or to another individual who has the right to take possession of it. The individual who holds the life estate is known as the "life tenant" and has the right to use and enjoy the property as if they own it.

The life tenant has the right to lease the property, collect rent from tenants, and even sell the property during their lifetime. However, they cannot sell the property to another individual and give them ownership beyond their lifetime. Once the life estate has ended, the property reverts back to the original owner or to another individual who has the right to take possession of it.

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