Legal Question in Real Estate Law in New York

real estate

mY FAMILY HAS JUST ACQUIRED LAND FROM AN INHERITENCE. tHE LAND IS OVER 200 ACRES ON THE ISLAND OF ROATAN HONDURAS. i JUST FORMED MY OWN COMPANY AND i AM PLANNING TO ACQUIRE A LOAN TO HELP DEVELOP THE LAND. nOW CURRENTLY MY UNCLE IS THE HEAD OF THE FAMILY. BEFORE HIM WAS MY FATHER, WHO DISSAPPEARED HERE IN THE UNITED STATES. mY UNCLE FEELS THAT HE TRANSFER ALL THE LAND TO HIS NAME SO THAT HE CAN DISTRIBUTE WHAT EVER MONEY WE MAKE FROM SELLING THE PARTS OF LAND. hE IS NOW TALKING TO A DEVELOPMENT COMPNAY FROM FLORIDA. WHERE HE GOT THE NUMBER i DO NOT KNOW. fINALLY, MY QUSTION IS SHOULD i GO AHEAD WITH MY COMPANY,ATTAIN A LOAN TO TRY TO DEVELOP THE LAND OUR SELVES (WITHOUT SELLING) OR SHOULD WE SELL TO THE DEVELOPMENT. ALSO WHAT TYPE BUSINESS WOULD BE GOOD FOR SUCH A LARGE SOME OF LANDS


Asked on 5/03/07, 9:55 am

2 Answers from Attorneys
Robert R. Groezinger GroezingerLaw P.C.

Re: real estate

My own advice, without knowing more, is to form a US company with shares to the family members. This US company will create a foreign/overseas company to own/develope the lands.

Good Luck

RRG

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Answered on 5/03/07, 1:18 pm
florence hessen florence f. hessen,esq

Re: real estate

Hi:

Without having further info this is impossible to answer. If you form a corporation, it ideally would be in the US with a subsidiary in Hondorus.

The family should get together and determine an action plan for development of the land, if not you will have eachother "tripping over eachother" with ideas as to what to do with the land.

If this property has some waterfront, you may be wise to hold it before developing to see if you can arrange for a large resort condo complex can be arranged without having to "give away the store" to some developer to facilitate this idea.

If you want more info., please check my contact info and send me a question.

Good Luck

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Answered on 5/03/07, 8:33 pm


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