Definition of "Life tenant"

The grantee who is the tenant of a life estate. When the tenant dies, the estate goes back to the grantor. For example, President Eisenhower and his wife, Mamie, were life tenants of the Gettysburg farm life estate granted by the U.S. government. Upon their deaths, the property reverted to the U.S. government as a historical site.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Real Estate Terms

Market price pf all the property prior to a condemnation proceeding. ...

(1) Right to engage in and earn from a particular activity in return for services or for a particular use. (2) Reduced price used as an incentive. (3) Permission or right, granted by a ...

Type of a real estate investment trust whose investment money is used for the purchase of a portfolio of specific properties to be managed in order to generate investment return through ...

Rainwater pipe attached to a roof gutter channeling the run off down and away form the building. ...

Lender's written assurance that the borrower has fully paid the obligation. The borrower may then show this instrument to interested parties. ...

Maximum loan that can be borrowed by a potential debtor. A ceiling loan represents the topmost credit that can be extended. ...

Favorable occurrence providing a good chance for success, usually in financial terms. ...

A real estate professional’s job is to represent their seller’s or buyer’s best interest in a real estate transaction through an agency relationship. This means that the ...

A lease requiring tenants to pay all utilities, insurance, taxes, and maintenance costs. ...

Popular Real Estate Questions