Asked by: Emerenciana Calderobusiness and finance real estate industry
What does pur autre vie mean in real estate?
Last Updated: 27th March, 2020
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Regarding this, what is the difference between a life estate and a life estate pur autre vie?
A life estate is an interest in land whose duration is measured by a human life. The holder has the right to possess the property as long as he or she lives. A life estate that is not measured by the life of the holder is known as a life estate pur autre vie (“for the life of another”).
Likewise, is a life estate Defeasible? A defeasible life estate is one that terminates upon the occurrence of a specified event or condition or upon the death of the life tenant, whichever occurs first (e.g., A conveys property to B for life as long as the property is used for residential purposes).
Subsequently, one may also ask, how long does a life estate last?
In common law and statutory law, a life estate (or life tenancy) is the ownership of land for the duration of a person's life. In legal terms, it is an estate in real property that ends at death when ownership of the property may revert to the original owner, or it may pass to another person.
How do you end a life estate?
A person with a life estate may end the life estate while she's still living by creating and filing another deed to the property that specifically terminates her life estate. A deed terminating a life estate usually has the remainderman named on the original life estate deed as the receiver of the real estate.