The California Bill of Sale of Personal Property — Reservation of Life Estate in Seller is a legal document that is used when an individual wishes to sell their personal property while retaining a life estate in the property. This means that the seller can continue to live on or use the property for the remainder of their life. This document is commonly used in estate planning and allows the seller to transfer ownership of the property to the buyer, while still maintaining the right to live on the property until their death. The California Bill of Sale of Personal Property — Reservation of Life Estate in Seller includes various details such as the names and addresses of both the buyer and the seller, a detailed description of the personal property being sold, the purchase price or consideration for the sale, and any conditions or terms agreed upon by both parties. There are different types of California Bill of Sale of Personal Property — Reservation of Life Estate in Seller that can be used depending on the specific circumstances and requirements of the parties involved. Some of these variations include: 1. General California Bill of Sale of Personal Property — Reservation of Life Estate in Seller: This type of bill of sale can be used for any type of personal property, such as furniture, vehicles, artwork, or jewelry. It provides a comprehensive agreement between the buyer and the seller, outlining the terms and conditions of the sale as well as the reservation of the life estate. 2. California Bill of Sale of Real Estate — Reservation of Life Estate in Seller: This specific type of bill of sale is used when the personal property being sold is real estate, such as a house or land. It includes additional clauses and provisions that are applicable to real estate transactions, ensuring that both parties are protected and their rights are clearly defined. 3. Vehicle-Specific California Bill of Sale of Personal Property — Reservation of Life Estate in Seller: This variation of the bill of sale is specifically designed for the sale of vehicles, including cars, boats, motorcycles, or recreational vehicles. It includes specific fields to describe the vehicle in detail, such as the make, model, year, and vehicle identification number (VIN), along with the reservation of the life estate. In conclusion, the California Bill of Sale of Personal Property — Reservation of Life Estate in Seller is a crucial legal document used in estate planning and personal property transactions. By retaining a life estate in the sold property, the seller can ensure their continued use and enjoyment of the property until their death, providing financial and lifestyle security. Various types of this bill of sale cater to different personal property scenarios, including general personal property, real estate, or vehicle sales.
California Bill of Sale of Personal Property - Reservation of Life Estate in Seller
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FAQ
Can Someone With a Life Estate Sell the Property? A life tenant cannot sell the property or take out a mortgage loan against it without the agreement of the remainderman. The reverse is also true: The remainderman cannot sell or mortgage the property during the lifetime of the life tenant.
Pur autre vie (per o-truh vee) is a French legal phrase which means for another's life. This phrase is durational in meaning as it is another's life, not that of the possessor, that is used to measure the amount of time someone has a right to possess real property.
An interest in land that lasts only as long as the life of a specific person. Life Estate Pur Autre Vie: A life estate that is measured by any life other than the life of the holder of the life estate.
Unless specially restricted, a life estate can be sold, leased or mortgaged. Because beneficial use of the property accompanies a life estate, the creation, transfer or termination of a life estate is a change of ownership under Proposition 13.
If the life estate is based on the life tenant's life, it is known as an ordinary life estate. Once the owner dies, the estate terminates. If the estate is based on a life other than the life tenant, it is known as a pur autre vie life estate, which means for another's life.
The legal term "pur autre vie" means "for the life of another" in French and when used in property law refers to a life estate that a grantor bestows on another person, known as a life tenant, who can hold and use an estate, often a family residence, during the life of third person.
The property belongs to you jointly and on the death of one spouse it automatically passes to the survivor. You cannot leave jointly owned property in your will. To create a life interest under your will you need to hold the property as tenants in common.
For example, if Bob is given use of the family house for as long as his mother lives, he has possession of the house pur autre vie.
A person with life interest generally (as we have not perused the Will) does not have the right to sell, transfer or alienate the property to the detriment of the absolute owner, which in your case is the son, i.e., you. It is a limited right to enjoy the property up to the death of the life holder.
A life estate pur autre vie is just like a regular life estate but it lasts as long as another persons life. Like the French's definition its for another's life, meaning again, the the life estate is for another person.
