Legal Question in Real Estate Law in Texas
My wife and I have dear friends with whom any agreement could be sealed with a handshake with no concerns from either couple. They have a sizeable section of mountain property in a choice location on a ridge that has a perfect north view of Pikes Peak. It is divided into four lots with their A-frame built on one; the other lots have no buildings. Our friends want us to build on one of the other lots, but we can�t afford both the property and the house. We want to propose to our friends that we pay to build our house with an understanding that they provide the property for free as a life estate (that we would not pay as long as we live), but upon the demise of both of us the house would become our friends (or their heirs). Would such a legal agreement be complicated, and costly?
1 Answer from Attorneys
The agreement is not complicated or costly (I suspect most lawyers would charge less than $1000)
But the agreement is probably not advisable to your friends in that anything except fee simple transfers of property are frowned upon by lenders if your friends were to ever sell the property or borrow against the property.
Good Luck!
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
