January 2016

Found 1 blog entry for January 2016.

Jan 21

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Beyond the traditional ways of buying a home where you make an offer, get it accepted, close escrow and then move into a home is the Life Estate.  A Life Estate is a legally binding contract that allows the current owner to live in the house even after the property is sold.  This turns to be a good deal for the owner but not such a good deal for the one who is buying the property.  This has recently been made news headlines with the sale of the Playboy Mansion in Los Angeles where the current owner, Hugh Heffner, wishes to stay in the house until he dies.

When marking a home for sale with a life estate, one of the negative side effects this may cause is a very limited number of buyers that would be willing to purchase a property with a Life Estate