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#1854193 - 09/20/13 03:22 PM Rescission & Bankruptcy Requirements
Live 2 Comply Offline
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Live 2 Comply
Joined: Sep 2009
Posts: 328
Ok, this one has me stumped. Bankruptcy court has granted a daughter to purchase her parents house. However, they stated the parents would retain a life estate in the property. Reviewing the deed of trust, it looks like a typical transfer of title except there is one section that states this:

The Grantors shall retain a life estate in the property which allows the exclusive use, control, and enjoymetn of above described premises during the remainder of both their natural lives or until they choose to leave the property to live elsewhere.

Do we have to issue right of rescission to the parents in this case?

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Lending Compliance
#1854236 - 09/20/13 04:55 PM Re: Rescission & Bankruptcy Requirements Live 2 Comply
1 Peter 5:7 Offline
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1 Peter 5:7
Joined: Jun 2001
Posts: 1,339
TX
yes
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