Legal Question in Real Estate Law in Maryland
Life Estate and Realty Trust - owner deceased
A son is living in a house his parents have set up as a life estate. The son gets 5 yrs behind in property taxes and then suddenly passes away. The trust does not want to pay the back taxes. What happens to the property? Also, the son owned a small home used as a rental property. For this he set up a Realy Trust. Also on this property he failed to pay taxes for a few years. What becomes of this property?
3 Answers from Attorneys
: Life Estate and Realty Trust - owner deceased
There is tax exposure for each property.
It is unclear who is responsible for these costs. Even if he was, as a practical matter, it is better to pay, then have the town place a lien, and foreclose.
With more data, I could have a better sense.
Re: Life Estate and Realty Trust - owner deceased
Both properties are subject to forfeiture by tax sale if the taxes are not paid in a timely fashion (see relevent tax redemption law) and the properties redeemed.
Re: Life Estate and Realty Trust - owner deceased
The property will eventually be taken by tax title and sold to the highest bidder. The reality trust should either pay the taxes or try to sell the property before it is taken for tax title and sold.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
