Real Estate Terms Dictionary
Correct Life Estate Office Use
Definition of 'Correct Life Estate Office Use'
A Life Estate is the right to use or occupy real property for the duration of one's life. A correct life estate represents the life estate deed that has been freed of mistakes and made available for office use.
What does Correct Life Estate Office Use mean:
This right can be given to a person (most commonly a family member) through a life estate deed or as a gift under a will, after the owner's death. In other words, any property owner
can give the property to his or her children but still keep the right to live in or use the property as the owner for the duration of his or her life.
Here's a real-life example from one of the properties researched on PropertyShark:
The glossary is intended to provide real estate professionals and home buyers with a basic understanding of various specialized terms related to legal rights over a property. All terms appear in public records such as ACRIS. We do not take responsibility for the legal accuracy of the definitions provided and ask that use of these explanations in a legal setting be made only after checking with a lawyer or another specialist in the field.