Profile picture for seattlejoel

life estate of record

A property in Washington State that I'm interested in has a 'life estate of record' on the title.  I'm still doing research on this, but from what I can understand this possibly gives someone else the right to occupy the land even though they don't own it until their death?  Has anyone had to deal with something like this on undeveloped land?  How did it turn out and how can I protect myself?  Besides pulling a title report how can I do more research on this?
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September 10 2012 - Seattle
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Joel - hi there ....do you still ned any help with investment property questions ?   I hope all is well ..thanks ..Dave
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October 18 2013
Realtors and real estate agents are not licensed to practice law.  In fact they aren't licensed to do anything more than fill in the blanks on some very specific forms.
The Northwest Multiple Listing Service covers most of Washington State and its forms library does not include anything that relates to life estates.
If you'd like a referral to a good real estate attorney in the Puget Sound area, I can give you 2-3 names because even if someone had been through this before, your case will be different.  Contact me through my profile if you'd like some names.
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September 10 2012
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September 10 2012
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We investigated a property like this, and discovered the person with the life estate of record was a vigorous 65 year old who could live, rent etc the property until death.    The obligation carried forward to whoever purchased the property.    We passed on the property, as we wish to own it free and clear.

Please review the obligations with an attorney in Washington, and learn more about the individual with the life estate benefits. 

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September 10 2012
 
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