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first mortgage loan debts the expiration of first mortgage loan life estate is called a remainder. The early common law did not recognize a life estate in personal property, but such interests were cognizable in equity. Thus, although life estates in real estate are still created today, the life estate is more commonly used in trust instruments, typically in an attempt to minimize the effect of the inheritance tax or other taxes on transfers of wealth. The law of first mortgage loan and Wales no longer recognises the life estate at law in relation to land, instead the holder of legal title to the land (whether the freehold fee first mortgage loan or a lease) will hold that land on trust first for the life tenant and then for the remainderman. The National Association of Realtors (NAR), whose members are known as "Realtors," is America's largest trade association, representing 1 million members, including |
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