Re: Life estates

You may bring an action to quiet title. As for the arbitration provision, the contract in question would need to be examined to determine whether it is either 1) enforceable and 2) whether it is binding or non-binding arbitration. I would consult with a real estate attorney and have them review the documents and give you a legal analysis.

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Re: Life estates

There is some case law on when and whether an elderly person's moving into a nursing facility triggers a life-estate condition requiring continuing residency. It may depend upon how the life tenancy is worded, but terminating the life tenancy for failure of a condition subsequent (as this would be) is not a slam dunk. Also it is likely the old lady would be entitled to appointment of a conservator to represent her in any adverse proceeding.

In view of her life expectancy, the time and expense required to file and prosecute a quiet-title action, the possibility of an adverse ruling, etc., it might be a better decision to postpone claiming possession and doing the refinancing until she dies.

Who the heck is living there? Is the place vacant? I would worry about its upkeep, payment of taxes, etc. rather than terminating the life tenancy.

Another possibility you should consider is finding a lender or a loan that doesn't require a lender's policy of title insurance. This will probably cost you more interest as the risk to the lender is higher, but it avoids the title company problem. There are lenders who specialize in making loans to heirs and prospective heirs. Ask a few brokers, or go on line.

If all else fails, contact me and I will give you a representation proposal.