father in law nightmare

[aprilmccarty]

What is the name of your state (only U.S. law)? ohio

my father in law is "giving" us 4.5 acres on which we are building our home. He won't transfer it in our name since there's an oil well on the property which he makes money monthly from. He wants to do a land lease instead. He says we will get the land anyway when he passes. Im not sure I trust the situation. He says his friend who is an attorney says a land lease is a great idea. It might be good for him, but my gut is telling me no way. I think the land should transfer into our name and he can retain all the mineral rights. Any thoughts or advice? What would you do?

[LindaP777]

Will the home you will be building have a mortgage? The mortgage company will only want to give you a loan for a house that sits on property you own.
Best to see a real estate attorney for advice. If you already have a bank that you know & trust for the mortgage, they might allow you to speak with their real estate attorney who handles their closings and deed recordings.

[aprilmccarty]

my father in law has been paying for the building of the house out of their assets whatever those may be he keeps us in the dark. At first he talked about us just "renting" the house and paying him the mortgage and now he talks about us getting a mortgage on the home and paying him back. He's extremely difficult to talk to...he is an economics professor and thinks he knows everything. My goal is to protect my family. My husband and I don't want to bust our backs for the next 30 years to pay for a home that could potentially be taken from us in any way. This whole thing is a daily nightmare and my husband and I are about to walk away because simply because we don't trust him. Do you think that's wise?

[Zigner]

Originally Posted by aprilmccarty

What is the name of your state (only U.S. law)? ohio

my father in law is "giving" us 4.5 acres on which we are building our home. He won't transfer it in our name since there's an oil well on the property which he makes money monthly from. He wants to do a land lease instead. He says we will get the land anyway when he passes. Im not sure I trust the situation. He says his friend who is an attorney says a land lease is a great idea. It might be good for him, but my gut is telling me no way. I think the land should transfer into our name and he can retain all the mineral rights. Any thoughts or advice? What would you do?

Perhaps you should just wait until he kicks the bucket before you grab at the land.

[HomeGuru]

Originally Posted by aprilmccarty

What is the name of your state (only U.S. law)? ohio

my father in law is "giving" us 4.5 acres on which we are building our home. He won't transfer it in our name since there's an oil well on the property which he makes money monthly from. He wants to do a land lease instead. He says we will get the land anyway when he passes. Im not sure I trust the situation. He says his friend who is an attorney says a land lease is a great idea. It might be good for him, but my gut is telling me no way. I think the land should transfer into our name and he can retain all the mineral rights. Any thoughts or advice? What would you do?

**A: here is another idea. Have him deed the property to you and you give him the lease/income from the oil well. The lease is terminated upon his death.