Property Ownership
In Virginia, a property owner may convey a remainder interest to a third party by deed while retaining a:
ALeasehold estate
BLife estate✓ Correct
CTenancy at will
DPeriodic tenancy
Explanation
A property owner can convey property but retain a life estate, giving themselves the right to use and enjoy the property for their lifetime. The remainder interest (what passes after the life estate ends) can be conveyed to a third party.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Life EstateA freehold interest in real property that lasts only for the duration of a specified person's life.
Joint TenancyCo-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
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