Is the following statement true or false and HOW? "If a Seller of Real Estate retains...

Is the following statement true or false and HOW? "If a Seller of Real Estate retains a life estate in the sold property it means that he sold his real estate to a third party but retained the right to own the property until his death."

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Expert Solution

A life estate is property that an individual owns only through the duration of their lifetime. It is also referred to as a tenant for life and life tenant. A life estate is restrictive in that it prevents the beneficiary from selling the property that produces the income before the beneficiary's death. But the estate cannot continue beyond the life of the beneficiary.

conclusion: The given statement is 'TRUE'

ekkarill92 answered 1 year ago

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