the person who holds a life estate in real property can sell absolute ownership or pass it on to his heirs.
true or false
True. The person who holds a life estate in real property has the right to sell the absolute ownership of the property or pass it on to his or her heirs.
To understand this concept, let's break it down:
1. Life Estate: A life estate is a type of ownership interest in real property that allows a person (known as the life tenant) to possess and use the property for the duration of their life. The life tenant has the right to live in the property and enjoy its benefits during their lifetime.
2. Absolute Ownership: Absolute ownership, also known as fee simple ownership, is the highest form of property ownership. If someone holds absolute ownership of a property, they have full rights to the property and can use, sell, or transfer it without any limitations.
In the case of a life estate, the life tenant holds a limited interest in the property, only for the duration of their life. However, they do have the ability to sell their life estate to another person, granting them ownership rights for the duration of the original life tenant's life. This transfer is known as a "sale of the life estate."
Alternatively, the life tenant can choose to pass on their life estate to their heirs upon their death. This means that the property will transfer to the heirs, who will become the new life tenants and possess the property for the remainder of their lives.
In summary, the person who holds a life estate in real property does have the option to sell the absolute ownership of the property or pass it on to their heirs.