What is this? "Longevity?" ?

"Lifetime deed" is a way to buy real estate together, which is usually applicable to relatives, such as parents and children. It means that two or more people jointly own a property, and each person enjoys equal rights and interests. When one person dies, another person will get all the rights and interests of the property. Therefore, long-term lease is also called "joint lease", that is, "* * * with rent".

In a long-life contract, the owner of the property cannot transfer the rights and interests of the property to the designated beneficiary through a will, because once one of the owners dies, his rights and interests will be automatically transferred to other owners. However, if all the owners agree, they can also transfer the property rights to others by canceling the long-life contract.

The advantage of a long-life contract is that once the owner dies, his rights and interests will be automatically transferred to other owners, and there is no need to go through the acceptance procedures. In addition, if one of the owners needs to sell his rights and interests, other owners also have the preemptive right. However, it should be noted that if the owner of a long-term contract wants to transfer his rights and interests in the property to future generations, it needs to be resolved through consultation with other owners.

In short, the "lifetime contract" is a way to jointly purchase real estate, which is suitable for relatives to jointly own real estate. It has the advantages of automatic transfer and convenient transfer, but attention should be paid to inheritance.