My question involves real estate located in the State of: New Jersey
Ok so I am trying to buy a home from a seller that is the remainder of a Life estate. (he is not family but just a the one who she sold it to originally )The Life tenant is still alive she is 95 living in a care facility. The seller went to the nursing home to have the women sign the deed with him to sell the property to me. The doctors there stopped him and said that she is not aloud to sign anything and that she is deemed incompetent. So now the bank that im getting my mortgage from says that i cant buy a house with a life estate because the title company wont transfer it unless both sign. So what do i do? if the life tenant cant sign or make decisions for herself then what? she does not live in the home and it has been empty for awhile. is my only option really that, it has to wait for her to die?
Ok so I am trying to buy a home from a seller that is the remainder of a Life estate. (he is not family but just a the one who she sold it to originally )The Life tenant is still alive she is 95 living in a care facility. The seller went to the nursing home to have the women sign the deed with him to sell the property to me. The doctors there stopped him and said that she is not aloud to sign anything and that she is deemed incompetent. So now the bank that im getting my mortgage from says that i cant buy a house with a life estate because the title company wont transfer it unless both sign. So what do i do? if the life tenant cant sign or make decisions for herself then what? she does not live in the home and it has been empty for awhile. is my only option really that, it has to wait for her to die?
Execution of Deed: Buying a Home That Has a Life Estate
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