I am a RE licensee and own my own updated electronic legal forms package but in my line of work, I am in constant contact with very experienced attorneys who do probate work and handle civil land use matters. Of course, after we hammered out the price and terms, I would have the “Life Estate Rental Contract” drawn up professionally with the seller present in the office and in speakerphone conference call with his/her heirs, if necessary.
I don’t believe a sr. citizen tenant already paying “rent” would want to spend $$ for expensive water on a 10,000 – 12,000 sf lot, even if a sprinkler system was in place. This is not typical for a tenant of any age. I’m fairly certain I would need a gardener, would have to perform the work myself, or just let the landscape go to waste in the interim (occupancy) years. I would be okay with this, but I don’t know if the tenant would, if they are used to it being maintained.
Yes, AN, I thought about your suggestion, but carrying costs are an issue with me. Perhaps if the price can be hammered down LOW ENOUGH and I could increase my income somehow, then I could carry the property. A 4-10 yr. (contract) commitment is a long time. If I still didn’t have a minor child at home, I could live MUCH MORE CHEAPLY.
