My question involves real estate located in the State of: California
I have an elder relative that has a life estate on which 3 of us are the remaindermen. The property also has a lot which is rented out as well, by verbal agreement. The house that is part of this estate was vacated by my relative due to age related issues and has left the house in a total state of disrepair and might possibly be unlivable at this point. We have been trying to get him to sign off on the life estate so we can try to sell / salvage any remaining value. He refuses because he feels bad for the person renting the lot who pays hardly enough to cover expenses. We just found out that 2 years ago, he canceled the insurance on the dwelling. Because of the condition now of house (poor roof, rodent infestation, vandalism), this house is not insurable due to condition of home. So, now we are stuck with a vacant home that might be condemned, no insurance and we really want to get the house (with acre) and lot sold. We are willing to give him the equivalent of what he nets annually from the lot rental but he seems to be more concerned about the lot and the small residual income. Because of the lack of care and regular maintenance, the house probably is a total loss about about $400k. What can we do, short of taking our relative to court? Is there something that we can show him that states what Calif law requires of him as the life estate tenant and how he has violated that? We do love him but we are so saddened by our loss of value and neglect of what was once a beautiful home.
Any advice would be greatly appreciated. Time really is of the essence for us as we are all located out of state and need to travel back to Calif to resolve.
Thank you!
I have an elder relative that has a life estate on which 3 of us are the remaindermen. The property also has a lot which is rented out as well, by verbal agreement. The house that is part of this estate was vacated by my relative due to age related issues and has left the house in a total state of disrepair and might possibly be unlivable at this point. We have been trying to get him to sign off on the life estate so we can try to sell / salvage any remaining value. He refuses because he feels bad for the person renting the lot who pays hardly enough to cover expenses. We just found out that 2 years ago, he canceled the insurance on the dwelling. Because of the condition now of house (poor roof, rodent infestation, vandalism), this house is not insurable due to condition of home. So, now we are stuck with a vacant home that might be condemned, no insurance and we really want to get the house (with acre) and lot sold. We are willing to give him the equivalent of what he nets annually from the lot rental but he seems to be more concerned about the lot and the small residual income. Because of the lack of care and regular maintenance, the house probably is a total loss about about $400k. What can we do, short of taking our relative to court? Is there something that we can show him that states what Calif law requires of him as the life estate tenant and how he has violated that? We do love him but we are so saddened by our loss of value and neglect of what was once a beautiful home.
Any advice would be greatly appreciated. Time really is of the essence for us as we are all located out of state and need to travel back to Calif to resolve.
Thank you!
Life Estates: How to End a Life Estate Due to Property Neglect and More
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