Can a life tenant sell the property?

Can Someone With a Life Estate Sell the Property? A life tenant cannot sell the property or take out a mortgage loan against it without the agreement of the remainderman. The reverse is also true: The remainderman cannot sell or mortgage the property during the lifetime of the life tenant.

What is a life estate in West Virginia?

What is a Life Estate Deed? A life estate deed is a legal document that changes the ownership of a piece of property. The person who owns the property signs a deed that will pass the ownership of the property automatically upon death to someone else.

Who is a life tenant in West Virginia?

The West Virginia Life Estate Deed is a document that grants ownership of a parcel of real property to two separate parties: (1) the Life Tenant, and (2) the Remainderman. The Life Tenant. As in other states, the West Virginia Life Estate Deed gives the Life Tenant complete use and ownership of the property for a certain period of time.

Who are the parties to a West Virginia life estate deed?

West Virginia Life Estate Deed. The West Virginia Life Estate Deed is a document that grants ownership of a parcel of real property to two separate parties: (1) the Life Tenant, and (2) the Remainderman. The Life Tenant.

Who is the owner of a property in a life estate?

In this case, the property would be given to someone as a life tenant, and then revert to the original owner after the life tenant’s death. If at any point the remainderman dies, their next of kin automatically inherit the right to take full ownership and possession of the property should the life tenant pass away.

Can a living person sell a life estate?

Currently the father owns a life estate and the daughters own the remainder interest. The family can sell the home together but no owner in this situation can force the sell of the entire property without a court order.