Life Estate
A freehold interest in real property that lasts only for the duration of a specified person's life.
What Is Life Estate?
A life estate is a freehold interest in real property that is limited in duration to the life of a specified person — usually the life tenant (the person granted the life estate), but sometimes measured by another person's life (called a life estate pur autre vie). The life tenant has the right to use and enjoy the property, receive income from it, and make improvements, but cannot waste (damage) the property. The life tenant cannot sell the property outright without the remainderman's consent (as they cannot give more than they have). When the life tenant dies, the property automatically passes to the remainderman (the person named to receive it after the life estate ends) or reverts to the grantor (called a reversion).
Life Estate in Practice
A parent grants their child a life estate in the family home. The child can live there until they die, but cannot sell the property. When the child dies, ownership passes to the grandchildren (remaindermen).
How Life Estate Appears on the Real Estate Exam
Common question types, tested concepts, and what to watch out for
Know the parties: life tenant (has present interest), remainderman (future interest after life estate ends), grantor (if property reverts, it's called a reversion). The life tenant must not commit 'waste' (damage the property).
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