Patricia holds a life estate in a home in Salem, Oregon. The remainder interest is held by her son, Marcus. Patricia wants to sell the property outright to a third-party buyer. Which of the following is the most accurate statement under Oregon law?
Correct Answer
D) Patricia can sell only her life estate interest; the buyer would receive title only for the duration of Patricia's life.
A life tenant can only convey what they own — which is the life estate interest. Patricia can sell or transfer her life estate to a buyer, but that buyer's interest would be measured by Patricia's life (a 'pur autre vie' life estate). When Patricia dies, the property would pass to Marcus as the remainderman. The buyer takes the risk that Patricia could die shortly after the sale, terminating their interest.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A leasehold estate grants the right to possess and use property for a defined period of time, without conferring ownership.
A life estate is a freehold estate that grants ownership rights for the duration of someone's life.
Real property is immovable land and anything permanently attached to it, while personal property (also called chattels) is movable.
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