QUESTION
Can the 2 tenants in common sell a house before life tenant dies?
Asked on Aug 08th, 2016 on Estate Planning - Oregon
More details to this question:
Person A and B are a couple. Person C and D are A and B's children. Person A set up a trust and he died. The trust using a Bargain and Sale deed granted Person B a life tenancy and that Person C and D are remainder holder (tenants in common). Person B (the life tenant) has been behind on property tax for years and hence, the house is 1 month away from being foreclose on by the county. Is there anything this family can do to sell the house before they lose the house? My understanding is that Person C and D (the children) cannot sell the house unless Person B (the life tenant) is dead. What Person C and D have now are future interest to the house.
1 ANSWER
Probate Attorney serving Newport, OR
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Minor, Bandonis & Haggerty P.C.
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I'd have to review documents. What you describe makes no sense. Real property in trust is held by the trustee; the life tenancy would be created by the terms of the trust.
Answered on Sep 06th, 2016 at 12:15 PM