Asked by: Emerenciana Caldero
business and finance real estate industry

What does pur autre vie mean in real estate?

Last Updated: 27th March, 2020

44
(per o -tra vee) Legal French meaning "for another's life." It is a phrase used to describe the duration of a property interest. For example, if Bob is given use of the family house for as long as his mother lives, he has possession of the house pur autre vie.

Click to see full answer.

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.

Related Question Answers

Mare Niederreiter

Professional

What are the two types of life estates?

The two types of life estates are: conventional and the legal life estate. grantee, the life tenant. Following the termination of the estate, rights pass to a remainderman or revert to the previous owner.

Wilson Diabate

Professional

What is the bundle of rights in real estate?

A bundle of rights is a term for the set of legal privileges that is generally afforded to a real estate buyer with the transfer of the title. The right of control. The right of exclusion. The right of enjoyment. The right of disposition.

Idoia Petisme

Professional

What is reversion in real estate?

Reversion Definition: A future interest left in a transferor or his (or her) heirs. A reservation in a real property conveyance that the property reverts back to the original owner upon the occurrence of a certain event. A future interest left in a transferor or his (or her) heirs.

Soumaila Aguas

Explainer

What are the types of legal life estates?

There are three common types: curtesy, dower, and homestead. They are sometimes called statutory life estates. They were intended to provide the nonowning spouse with a means of support after the death of the owning spouse.

Dinka Sobreviela

Explainer

What does fee simple mean in real estate?

In English law, a fee simple or fee simple absolute is an estate in land, a form of freehold ownership. It is a way that real estate and land may be owned in common law countries, and is the highest possible ownership interest that can be held in real property.

Carolino Stratemann

Explainer

What does joint tenancy mean?

Joint tenancy is a legal arrangement in which two or more people own a property together, each with equal rights and obligations. When one of the owners in a joint tenancy dies, that owner's interest in the property passes to the survivors without the property having to go through the courts.

Witold Ferreyra

Pundit

Can an executory interest follow a life estate?

A springing executory interest cuts short the grantor's own interest, in favor of the grantee. Analysis (B): B has a remainder vested in interest (or vested subject to complete divestment), since the future interest follows a life estate and is contingent on whether B reaches the age of 25 years.

Amapola Verney

Pundit

What's the difference between reversionary interest and Remainderman interest in a property?

Definition: reversionary interest
A reversionary interest happens when the owner of an asset grants an interest in the asset to another person for life or for a specified length of time. Ownership of the asset is NOT transferred. Although similar to remainder interest, reversionary interest is technically different.

Aurelien Breznice

Pundit

Who pays property taxes on a life estate?

For example, life tenants retain the Income Tax Deduction for Real Estate Taxes. As the owner of the property by virtue of the life estate, a life tenant may continue to deduct the real estate taxes he pays on his federal income tax return. (I.R.C. §164(a); Reg.

Valme Waxman

Pundit

Who owns the house in a life estate?

A life estate is the vehicle by which the property owner, or the grantor, transfers legal ownership to another person or the life tenant. In many cases, the grantor and the life tenant are the same people, but not always.

Julietta Klegrafe

Pundit

Can a nursing home take a life estate?

The most common issue that arises is that the costs of a nursing home or other long-term care eat away at a person's assets until they're gone. Creating a life estate effectively transfers the bulk of the home's property to whomever the person names to hold the remainder interest.

Aaron Ichalar

Teacher

Can I sell my house if I have a life estate?

The term “life estate” describes a kind of joint ownership of real estate, such as a house. You can sell or give your home to your children, but keep the right to live in or control the home until you die.

Hornjoserbsce Bris

Teacher

Does a life estate override a will?

A: It's not clear when the life estate was created (perhaps something to do with the living trust?), but in general a deed creating a life estate and remainder supersedes a will. Whether he marries or not would not normally extend his life estate; it would end at his death in any event.

Hadj Apsley

Teacher

Is a life estate considered a gift?

Under Federal Estate Tax Code Section 2036, a life estate is a gift. This means that if the property is valued at more than $14,000, a gift tax must be paid. Finally, if a house is sold after a life estate ends, there is little to no net gain that must be reported on taxes because of the value step-up.

Walker Grañena

Teacher

Does a will override a deed?

Deeds generally override wills in states that recognize common law for their established property laws. The UPC typically allows for the sale of the specifically-bequeathed property, with proceeds going to the intended beneficiary, so the will can override a deed in this scenario.

Graig Maças

Reviewer

What happens to a life estate after the person dies?

Life Estates. A “life estateoccurs when a person has a legal right to use property during life, but does not own the property outright. That person is called the “life tenant." After the death of the life tenant, the property passes to the named beneficiaries, called “remaindermen.”

Sherman Scheefer

Reviewer

Can a life estate deed be challenged?

How Are Estate Disputes Resolved? Life estate deed disputes can be difficult to resolve, especially in cases where the property owner is already deceased. In such cases, the property owner cannot be spoken to directly, and so remedies for a dispute may require a re-analysis of various documents that they left behind.

Aragones Maravilla

Reviewer

What does it mean to have a fee simple Defeasible estate?

A fee simple defeasible is a conveyance of property that has conditions placed on it. The holder of a fee simple defeasible possesses the property as a fee simple subject to that condition. If the condition is violated or not met, then the property will either go back to the original grantor or a specified third party.

Casiano Lastur

Reviewer

What is a non freehold estate?

A non-freehold estate is an interest in real estate that is less than absolute ownership of the real estate. It is created through a lease of the real estate. In fact, a non-freehold estate is often referred to as a leasehold estate.