Life estate tenant currently pays monthly condo fee and taxes but I read online they are also responsible for assessments.
Real Estate Attorney
Generally speaking, the life estate tenant is responsible for taxes, maintenance, assessments, etc. during the life estate. However, those responsibilities can be set aside in drafting the terms of the life estate. If this is an existing life estate (rather than planning for one), you will need to look at the exact language of the document to determine if there is anything on point about it.
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1 lawyer agrees
Residential Real Estate Lawyer
Usually the person with the life estate has the duty to pay all the maintenance and taxes unless there is an agreement stating otherwise.
You should note assessments, dues, maintenance fees all refer to the same thing - monthly condo fees. A condo can also pass special assessments.
This communication is not intended to create an attorney/client relationship. It is always recommended you consult an attorney in person to discuss your case. The Law Offices of Stage & Associates practices state-wide and represents homeowners and community associations. Please visit our website at www.stagelaw.com.