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Started By
Message
Property issue
Posted on 9/6/18 at 4:21 pm
Posted on 9/6/18 at 4:21 pm
Ok so my wife and I are wanting to build on family property, which will be completely ours once my parents pass.
The plan is to take a piece of it now to build on as an act of donation then once they are gone in the future the rest would be ours.
Our issue is the it seems the property is included as collateral on their home which they are still paying on
How would we go about building on this property, it is 15 acres of that matters, or are we out of luck?
The plan is to take a piece of it now to build on as an act of donation then once they are gone in the future the rest would be ours.
Our issue is the it seems the property is included as collateral on their home which they are still paying on
How would we go about building on this property, it is 15 acres of that matters, or are we out of luck?
6
Posted on 9/6/18 at 4:51 pm to TigerDat
Seems like their mortgage-holder would have to agree to the subdivision, no?
How much equity do they have in the home?
How much equity do they have in the home?
Posted on 9/6/18 at 6:08 pm to TigerDat
quote:
take a piece of it now to build on as an act of donation
They can’t donate something they don’t own free and clear.
They would need to refinance and have the portion you are building on excluded from their new mortgage.
Posted on 9/6/18 at 6:16 pm to TigerDat
The mortgage company would likely never know, and you can get a property subdivide under mortgage. The mortgage company could call the loan due if they found out.
The missing piece of the puzzle is the bank. I imagine you are getting a loan, and it all depends on their requirements
The missing piece of the puzzle is the bank. I imagine you are getting a loan, and it all depends on their requirements
This post was edited on 9/6/18 at 6:19 pm
Posted on 9/6/18 at 10:19 pm to TigerDat
quote:
which will be completely ours once my parents pass.
Assuming that your parents have satisfied the lien in full upon their passing.
If you are going to take out a loan (as I assume you will) to build on the property why don't you talk to one of the loan officers that hold your parents' lien and tell them what you want to do. I would imagine they would be perfectly fine subdividing and even setting you up with a home loan that incorporates that subdivided area of land? Worst they could do is say no...
Posted on 9/7/18 at 12:17 pm to TigerDat
Depending upon your parent's equity in the home and the relative portion of the value of the piece of land you want, the bank may sign off on a subdivision of the land. If your parents owe 100K, the land is worth 500K, and you want 50K worth, I doubt the bank will care that much.
Other option would be, what if your parents gave you a land lease for the piece of the land you need? A 99 year lease or something. I don't know if YOUR bank might have an issue with that, though.
Other option would be, what if your parents gave you a land lease for the piece of the land you need? A 99 year lease or something. I don't know if YOUR bank might have an issue with that, though.
Posted on 9/7/18 at 12:54 pm to LSUFanHouston
Thanks for all the opinions, we possibly will not NEED to take out a loan to build.
Yes I know they can't just donate it to me if they dont own it, but wasnt sure what options we had.
Yes I know they can't just donate it to me if they dont own it, but wasnt sure what options we had.
Posted on 9/8/18 at 1:52 am to TigerDat
Find the most experienced real estate lawyer in your area. He should give you a an hour or so without charge (then maybe 500 to 1000 if it can be done). He should know how to do what you want (and know if it is possible or not)
Your bank, mortgage co, and title company will be FAR more likely to do the arrangement if a solid attorney is dotting the i's and crossing the t's.
Seems to me it would be a piece of cake with a good real estate lawyer (run from any other kind of lawyer). And could get very messy (or worse) without a good real estate attorney. And if you do need some financing down the road, a very crisp and clean deed shoul make financing far easier.
Your bank, mortgage co, and title company will be FAR more likely to do the arrangement if a solid attorney is dotting the i's and crossing the t's.
Seems to me it would be a piece of cake with a good real estate lawyer (run from any other kind of lawyer). And could get very messy (or worse) without a good real estate attorney. And if you do need some financing down the road, a very crisp and clean deed shoul make financing far easier.
This post was edited on 9/8/18 at 1:59 am
Posted on 9/9/18 at 12:25 pm to MikeBRLA
quote:
They can’t donate something they don’t own free and clear.
They would need to refinance and have the portion you are building on excluded from their new mortgage.
You always give the worst advice on RE and construction issues because you have no idea WTF you are talking about.
OP, you can have your parents survey out what they want to donate to you and ask the mortgage company what it would take to satisfy them and issue a partial release for that property. You might have to come up with some funds depending on the value the mortgage company places on that land.
Posted on 9/9/18 at 8:10 pm to stout
OP, you can have your parents survey out what they want to donate to you and ask the mortgage company what it would take to satisfy them and issue a partial release for that property. You might have to come up with some funds depending on the value the mortgage company places on that land
Thanks, yes I got my mom to call her lender and they will be calling this week to discuss some options
Thanks, yes I got my mom to call her lender and they will be calling this week to discuss some options
Posted on 9/13/18 at 12:34 pm to TigerDat
First I would get them to ask Bank or whomever has the mortgage would they do a partial release on it. They might have enough equity built up that Bank doesn't need it.
Posted on 9/14/18 at 8:59 am to Swampman
quote:
First I would get them to ask Bank or whomever has the mortgage would they do a partial release on it. They might have enough equity built up that Bank doesn't need it
That's one of the options, will need to get a survey and have everything done then send to them for approval, the other option is to refinance
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