Property Ownership
A life estate in Alabama grants the holder:
AOwnership of property forever
BOwnership of property for the duration of a specified person's life✓ Correct
CA leasehold interest for a fixed term
DA right to purchase property at a set price
Explanation
A life estate grants ownership rights for the duration of a specified person's life (the measuring life). Upon that person's death, the property passes to the remainderman or reverts to the grantor.
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Related Alabama Questions
- Which type of ownership interest gives the holder the right to use and enjoy property for the duration of their life?Property Ownership
- In Alabama, a fee simple determinable estate automatically reverts to the grantor if:Property Ownership
- A life estate grants ownership:Property Ownership
- In Alabama, title to real property held by a deceased person passes either through:Property Ownership
Key Terms to Know
Life Estate
A freehold interest in real property that lasts only for the duration of a specified person's life.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
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