My Wife and her brother inherited a cottage out in wash state from their dad who passed.
the only catch is he granted his girlfriend a
life time tenancy to said cottage.
She wants to buy the cottage (She allready owns a much nicer home but I figure she is clearing 6 K a
year from the cottage in rent.)
Now the problem is due to the life tenancy bit,
the cottage is apprasied at 118,000 but do to her life tenancy they (her lawyer and the realestate agent they hired) have figured out the
"remandermans interest" at 33K. (being that she just wants to buy it from them for 33K.)
We don't want to get dicked on this whole deal.
Is this right ? and why?
Thanks for any help.