Legal Question in Real Estate Law in New York
Land Contracts/Clauses
Currently we are trying to obtain our families land in our own name, but the catch is the family wants to make sure it is left to them if we choose to move or pass away. What can we do to have the land in our name but allow it to stay in the family once we are gone? Is there such a thing as a bear clause?
Asked on 10/04/07, 7:54 pm
1 Answer from Attorneys
Michael Markowitz
Michael A. Markowitz, PC
Re: Land Contracts/Clauses
You may draft a deed with a condition concerning moving or death.
You may also want to place the land in a limited liability company, with various conditions concerning membership interest and rights of possession.
Mike.
Answered on 10/05/07, 9:08 am
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