Legal Question in Real Estate Law in Pennsylvania

Life Tenancy Agreement

My wife's parents want to sell her their home for $1.00. But want my wife to pay the property taxes and allow them to live there for the remainder of their lives. What is this ''Life Tenancy Agreement'' and How come I cannot find it on your website?

Asked on 10/03/07, 6:20 pm

2 Answers from Attorneys

Glenn Brown Real World Law, P.C.
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Re: Life Tenancy Agreement

How much is the house worth?

Is it worth an attorney's fee to see that it is done properly and to consider the ramifications that you did not know to think about?

Good luck to you.

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Answered on 10/03/07, 8:24 pm
John Davidson Law Office of John A. Davidson
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Re: Life Tenancy Agreement

Because unlike under common law the presumption is that when you deed a property to some one its in fee simple not a life estate.

I suppose you could use some form of the Internet to do what you ask. However, I don't suppose any one has given any thought as to the income tax aspects of this transaction. Or thought of the estate planning implications. Or what will happen when one or both of her parents go into a nursing home.

As we used to say in Rochester remember the lesson of the Lincoln First Tower. When building it the save like $600,000 by covering it with marble 1/8 of an inch thinner than planned. Then 8 years later they spent like $ 4 Million to replace it with siding when the marble slabs started falling off the building.

{John}

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Answered on 10/03/07, 8:26 pm

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