Legal Question in Real Estate Law in Texas
Building house on property owned by mother
My husband and I are planning to build a home on property that is owned by my mother. She is agreeable to this. The property is in Texas; my mother is a resident of Arizona and has the property included in a trust that will, upon her death, be turned over to me. My question is: What type of forms or agreements do we need to draw up and/or file before we begin building? Or do we need to do anything at all?
Thank you.
1 Answer from Attorneys
Re: Building house on property owned by mother
You need to get some sort of land lease for a significant term of years. You take a real risk buidling without a formal agreement. Creditors of you mothers estate have a claim on its assets and should other assets of your mother's estate be insufficient to liquidate the estates debts, the creditors could require the property to be sold and you would lose your house. There are other ways to handle this also, but they should be formalized. Larry Maun 713.266.2560