Can I build on someone else's property with permission?

[Jim200]

My parents purchased a 15 acre parcel of land two years ago for the purpose of transferring the property to me in the future to build a home. Now that I'm ready to build:
1. Can I build a house on the property with their written permission (keeping the property in their name)?
2. Will a bank grant a construction loan / mortgage under these circumstances?

We'd like to avoid "gifting" the land because my parents make monetary gifts to my family throughout the year, and their estate is above the maxium estate tax boundary.

The property is located in New Kent County, VA 23011
Thank You!!

 

[HomeGuru]

My parents purchased a 15 acre parcel of land two years ago for the purpose of transferring the property to me in the future to build a home. Now that I'm ready to build:
1. Can I build a house on the property with their written permission (keeping the property in their name)?

A: yes but there will be problems.

2. Will a bank grant a construction loan / mortgage under these circumstances?

A: no. The lender will require them to be on the mortgage.

We'd like to avoid "gifting" the land because my parents make monetary gifts to my family throughout the year, and their estate is above the maxium estate tax boundary.

The property is located in New Kent County, VA 23011
Thank You!!

A: I suggest you talk to a mortgage broker and a tax attorney.