Keeping the land in the family

[stmfitr636]

Michigan

Is there anyway somebody could allow a house or some type of residential structure (ie...Trailer or Modular home) to be placed on their land, to be used as a residence, without giving up ownership of said land? Township laws prevent more than 2 "out buildings" on property (2 already exist).

Perhaps the land could be subdivided without change in ownership to allow another building.

The gf intends to allow daughters to "have land" to build on with the stipulation that it is not to be sold to a 3rd party at anytime. Is this possible and still allow daughter to mortgage home? Maybe gf should stay on as co-owner of property? Any advice on this matter is appreciated. Thank you.

[HomeGuru]

Originally Posted by stmfitr636

Michigan

Is there anyway somebody could allow a house or some type of residential structure (ie...Trailer or Modular home) to be placed on their land, to be used as a residence, without giving up ownership of said land? Township laws prevent more than 2 "out buildings" on property (2 already exist).

Perhaps the land could be subdivided without change in ownership to allow another building.

The gf intends to allow daughters to "have land" to build on with the stipulation that it is not to be sold to a 3rd party at anytime. Is this possible and still allow daughter to mortgage home? Maybe gf should stay on as co-owner of property? Any advice on this matter is appreciated. Thank you.

**A: see a RE attorney.

[stmfitr636]

ok. We'll do this prior to making any rash decisions.

[HomeGuru]

Originally Posted by stmfitr636

ok. We'll do this prior to making any rash decisions.

**A: yes, otherwise you may need the Costco size of rash ointment.