Life Lease Survivorship

Question:

If a couple lived in their life lease home, and one of them dies, does the other need to sign a new life lease agreement.

Answer:

The answer depends upon the nature of the agreement when they first moved in.

If the lease was based upon their “joint lives”, then, if one passes away then the lease automatically continues.

If however, the lease was simply for one life, for example, the husband, and the husband died, then that would end the lease.

Also, this would be the case if the second person occupied the premises after commencement of the lease. Consider a husband and wife. The first wife dies, the second wife would need a new contract.

Brian Madigan LL.B., Broker

www.OntarioRealEstateSource.com

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