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Leasing a piece of property
Posted on 6/14/15 at 9:51 am
Posted on 6/14/15 at 9:51 am
if I were to lease a piece of property to a friend to build a home on, would I need a lawyer or would a notary be sufficient enough?
This post was edited on 6/14/15 at 9:55 am
1
Posted on 6/14/15 at 10:03 am to tigerdup07
quote:
if I were to lease a piece of property to a friend to build a home on, would I need a lawyer or would a notary be sufficient enough?
So you have property and your friend wants to lease the property to build a house and you think a notary would be ok? How long is the lease? What happens if he default on the lease and you have to kick him out. Will he even get financing (doubtful) without owning the land.
This has so much WTF, I don't even know where to begin...
This post was edited on 6/14/15 at 10:07 am
Posted on 6/14/15 at 10:12 am to wickowick
I have to get the property "released" from the mortgage co. however, if.....for some reason......they don't release it, I will lease it to my friend for 99 years at the same price that I agreed to sell it.
i'm fairly certain that I have enough equity to get the "release" but, I want to have a plan B
i'm fairly certain that I have enough equity to get the "release" but, I want to have a plan B
Posted on 6/14/15 at 10:18 am to tigerdup07
This has bad idea written all over it, at least use an attorney...
Posted on 6/14/15 at 11:30 am to tigerdup07
quote:
I have to get the property "released" from the mortgage co. however, if.....for some reason......they don't release it, I will lease it to my friend for 99 years at the same price that I agreed to sell it.
Would suck for your friend if something ever happens to you and you get a bunch of liens on the land. Talk about a legal nightmare.
Posted on 6/14/15 at 11:48 am to stout
How much land is being leased? The entire piece that the home is being built on or a portion of it...
Posted on 6/14/15 at 1:30 pm to tigerdup07
I familiar with one instance where a 99 year lease was ruled a sale in Louisiana. Better get a lawyer with lots of real estate experience.
I am curious why you want to lease it instead of selling it.
I am curious why you want to lease it instead of selling it.
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