In a life estate, 'waste' refers to an action by the life tenant that does what to the property?
Correct Answer
B) Diminishes the property's value or destroys the remainderman's interest
In real estate law, 'waste' refers to any act or omission by a life tenant that permanently damages or diminishes the value of the property to the detriment of the remainderman or reversionary interest holder. In Delaware, a life tenant has the right to use and enjoy the property but is prohibited from committing waste. Examples of waste include demolishing structures, allowing the property to fall into serious disrepair, or stripping natural resources beyond normal use. The remainderman may seek legal action to prevent or recover damages for waste.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
Real property is immovable land and anything permanently attached to it, while personal property (also called chattels) is movable.
Tenancy by the entirety is a form of co-ownership available only to married couples that includes the right of survivorship and protection from individual creditors. Neither spouse can unilaterally sell or encumber the property.
Tenancy in common is a form of co-ownership in which two or more persons hold separate, undivided interests in property without the right of survivorship. Each owner can hold unequal shares and can independently transfer their interest.
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