Quick Question re: Life Estate (Permissive Waste)

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Quick Question re: Life Estate (Permissive Waste)

Postby musashino » Tue Jan 24, 2017 12:36 pm

If, when referring to Life Tenant's Duty to Avoid Permissive Waste, if the Reasonable Rental Value of the Property is $5,000/month and taxes, carrying charges, etc... cost $3,000.

BUT, it's a rough market, and no one's renting, the LT still has a duty to make the payments?

So, if the Property doesn't get rented out for a year, the Life Estate holder is going to lose out on $36,000 during those 12 months?

Assuming what I said is true, I'm guessing a LT may want to start the Life Estate renunciation proceedings.

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