| identify all the defects that a house buyer needs to know about. Also, it does not usually form a contract between the surveyor and the buyer, so the buyer has equity first mortgage right to sue if the survey fails to detect a major problem. For an extra fee, the surveyor can usually carry out a building survey or a (cheaper) "homebuyers survey" at the same time. Since it ends at death, and the owner of the life equity first mortgage cannot leave it to his heirs or convey a larger interest in the land than what the owner actually owns, a life estate is not an estate of inheritance. Life estates are measured either by the equity first mortgage of the owner of the estate, or by the life of some other person; these latter are called life estates pur autre vie, Law French for "during someone else's life." A life estate pur autre vie is most commonly created in one of two circumstances. First, when the owner of property conveys his interest in that property to another person, for the life equity first mortgage a third person. For example if Joey conveys Blackacre to Rachel during the life of Monica, then Rachel owns the land for as long as Monica lives; if Rachel dies before Monica, Rachel's heirs will inherit equity first mortgage land, and will continue to own it for as long as Monica lives. Second, if Joey conveys Blackacre to Monica for life, Monica can then sell the life estate to Rachel. Again, Rachel and Rachel's heirs will own the land for as long as Monica lives In either scenario, once Monica dies, the ownership of the land will revert to Joey. If Joey has died, ownership will revert equity first mortgage Joey's heirs. The right to succeed to ownership of the property upon the expiration of the equity first mortgage 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 |
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