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The ownership of a life estate is of limited duration because it ends at the death of a person. Its owner is the life tenant (typically also the 'measuring life') and it carries with it right to enjoy certain benefits of ownership of the property, chiefly income derived from rent or other uses of the property and the right of occupation, during his or her possession.
Nemo dat quod non habet, literally meaning "no one can give what they do not have", is a legal rule, sometimes called the nemo dat rule, that states that the purchase of a possession from someone who has no ownership right to it also denies the purchaser any ownership title.
An enhanced life estate deed or “Lady Bird” deed is a nuanced estate planning tool that allows the original owner of a property to retain control of it while they’re alive but automatically ...
The rule against perpetuities serves a number of purposes. First, English courts have long recognized that allowing owners to attach long-lasting contingencies to their property harms the ability of future generations to freely buy and sell the property, since few people would be willing to buy property that had unresolved issues regarding its ownership hanging over it.
There are some good reasons to consider using an enhanced life estate deed. For example, the main advantages include: Right to use (and profit from) the property. Control over the terms of the deed.
Such an estate may arise if the original life tenant sells her life estate to another, or if the life estate is originally granted per autre vie. Leasehold: An estate of limited term, as set out in a contract, called a lease, between the party granted the leasehold, called the lessee, and another party, called the lessor, having a longer estate ...
A marital life estate is, in the common law tradition of the United States and Great Britain, a life estate held by a living spouse (husband or wife) or widowed spouse, for the duration of that spouse's life.
Virata et al., wherein a forgery of a title led to the establishment of the Viva Homes Estate residential subdivision in Dasmariñas, Cavite, in the Philippines, has turned an entire gated community an informal settlement, making residents who have invested decades into null and void titles worried about demolition. [8] [9] [10]