My question involves real estate located in the State of: Washington State
Hi my wife and I recently purchased a property that is subject to an agricultural conservation easement. This means we cannot subdivide and it must remain zoned agricultural. The title also provides for a life estate to one of the previous owners (not a family member) in a second home located on the property. Our understanding is that this means she can remain in this home, on the property, and enjoy the yard etc until she dies. We agreed to this condition when purchasing the property, and are comfortable with this arrangement. As the land deal was put together with the Land Trust that holds the easement, a value for her life estate was appraised, and was used when negotiating a final agreed upon price for the property. However, a specific value for her life estate was not counted as a credit on the final Purchase and Sale agreement nor was it included in closing documents.
My question is about her obligations as a life estate tenant, and our rights as property owners.
1. Is she obligated to pay a portion of taxes and insurance?
2. Is she obligated to pay for repairs/maintenance of the house that she has the right to occupy until her death?
3. If she becomes incapacitated in any manner, do we have any rights to suggest or require that she vacate the house and at such a time can we occupy it or rent it to another party? Or does she have full rights to the house until the day she dies, even if she cannot live on her own (i.e. if she needs to go to assisted living, the house would need to remain vacant until she dies)?
Any thoughts or assistance welcome.
Hi my wife and I recently purchased a property that is subject to an agricultural conservation easement. This means we cannot subdivide and it must remain zoned agricultural. The title also provides for a life estate to one of the previous owners (not a family member) in a second home located on the property. Our understanding is that this means she can remain in this home, on the property, and enjoy the yard etc until she dies. We agreed to this condition when purchasing the property, and are comfortable with this arrangement. As the land deal was put together with the Land Trust that holds the easement, a value for her life estate was appraised, and was used when negotiating a final agreed upon price for the property. However, a specific value for her life estate was not counted as a credit on the final Purchase and Sale agreement nor was it included in closing documents.
My question is about her obligations as a life estate tenant, and our rights as property owners.
1. Is she obligated to pay a portion of taxes and insurance?
2. Is she obligated to pay for repairs/maintenance of the house that she has the right to occupy until her death?
3. If she becomes incapacitated in any manner, do we have any rights to suggest or require that she vacate the house and at such a time can we occupy it or rent it to another party? Or does she have full rights to the house until the day she dies, even if she cannot live on her own (i.e. if she needs to go to assisted living, the house would need to remain vacant until she dies)?
Any thoughts or assistance welcome.
Life Estates: Obligations of Non-Family Life Estate Tenant
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