Does anyone know of a contract between owner and buyer that allows the owner to retain a portion of the land?

4 Responses to Does anyone know of a contract between owner and buyer that allows the owner to retain a portion of the land?

1. Rico | September 2, 2010 at 10:34 am |

   She probably can’t “own” the property unless she subdivides it first into separate parcels. You can grant her the right to lease the property at $1/year for 99 years and the lease could give her all the rights she’d have as owner. The lease could be non-transferable and expire upon her death. Talk to a Real Estate attorney.

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2. Mr Placid | September 2, 2010 at 11:06 am |

   You’re probably thinking of a “life estate.”

   Basically, you would grant the elderly lady a portion of the 300 acres “for life.” When she dies, her interest in the property automatically reverts back to you.

   Consult with a property attorney to make sure you get the paperwork correct before you proceed.

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3. newmexicorealestateforms | September 2, 2010 at 12:06 pm |

   She does have to survey and split off the property that will be described as hers only or; She can be on the entire title by holding an undivided interest in the whole with reversionary rights to you upon death. Or she can sell the whole thing to you and you do a say 30 year lease for a dollar a year terminating in 30 years or upon her death. I would have her sell the whole thing and figure a way for her to stay till death since it’s her principal residence and she has the ability to keep $250,000 of profit tax free

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4. I_Hate_Stupidity | September 2, 2010 at 1:04 pm |

   You buy it now and give her a life estate, meaning she has the right to live there as long as she’s alive.
   If you wanted to live on some other portion of the land, you’d probably have to get her permission in writing first.

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