Legal Question in Real Estate Law in Arizona

building a guests home

my son bought land. he paid for it..we are his parents and will build a guest home on his property and pay for the home. what if we want to sell the guest home? whose credit will be used if we want to take out some equity. we will be paying for the home in full. since he owns the land, do we have any rights regarding the guest home


Asked on 10/01/05, 3:25 pm

1 Answer from Attorneys
Donald Scher Donald T. Scher & Associates, P.C.

Re: building a guests home

You must have an agreement in writing with your son which spells out clearly all of your rights, duties and obligations, as well as his, so that your investment in the guest house is not a gift to him, since you indicate that is not what you intend to do. All of the aspects of the transaction must be considered, for his benefit as well as yours, since you indicate that your interests may differ from his and you probably do not know how long you will want to live there. The land has value and the home you build has value, and the interests of each of the parties should be considered carefully and then written down in an agreement.

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Answered on 10/01/05, 8:37 pm


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