The new owner, or remainderman, has an interest in the house or land, but he or she has no right of occupying the property. This also means he or she cannot sell it, rent it or alter it until the life tenant passes on or leaves permanently.
Consequently, is a Remainderman an owner?
Remainderman is a term used in property law to refer a person who inherits or is entitled to inherit property upon the termination of the estate of the former owner. A remainderman holds an interest in the remainder and will become its possessor at some future time.
Additionally, does a person with a life estate own the property? The person who holds the life estate, called the life tenant, has possession of the property during his or her lifetime. Upon the life tenant’s passing, the other owner, called the remainderman, will take full ownership of the property, and can take possession if she desires.
Secondly, can the Remainderman mortgage a property?
Rights of a Remainderman A remainderman has an interest in assuring that the life tenant does not destroy, damage, or otherwise diminish the value of the property. Without the consent of the remainderman, the life tenant may not take out a new mortgage or otherwise encumber the property.
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.