Who is responable for paying the morgage in a life estate?
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Who is responable for paying the morgage in a life estate?
Asked on July 18, 2012 under Real Estate Law, Oklahoma
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
Well, that I guess would depend on a few things. Did the life tenant take out the mortgage on the property? Life tenants do have that right. And the issue of mortgage payments can be decided when the life estate is established so that information is important here. I would take the document to an attorney to review in accordance with your state law. Good luck.
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