There are tools available to help you get where you need to be.
I had a client reach out the other day with a common question.
They wanted to sell their property, but also wanted to stay there for a period of time after the sale. They weren’t sure if that was even possible.
The answer, contrary to what a lot of people assume, is yes.
There are a couple of ways this can be handled.
One option is a lease-back. I did one of these last year where a seller owned a house that sat on land slated for commercial use.
The buyer planned to tear the house down, but agreed to let the seller stay for about nine months after closing while he found another place to live.
The sale closed, ownership transferred, and the seller simply became a tenant for a defined period.
Another option is something called a life estate, sometimes done through what’s known as a Lady Bird deed.
In that setup, you sell or transfer the property but retain the right to live there for the rest of your life, or until you decide to move.
You’re responsible for things like maintenance, insurance, and taxes, but you keep full use of the property.
When you pass away or move out, ownership automatically transfers to the buyer or beneficiary.
This is often used as an estate planning tool. Someone might transfer the property to their children, or another party, while retaining a life estate.
When they’re gone, the property passes without going through probate, and the new owner can sell it, keep it, or do whatever they want with it.
It’s not unusual for people to ask about this, and it’s something worth looking into if timing or living arrangements are a concern.
If you have questions about options like this, or want to talk through a specific situation, feel free to reach out.
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