Passing Property On After Death

[DRN]

What is the name of your state? New York State: My fiance and I are going to custom-design the home we are building. It is on 100+ acres, all undeveloped except for the house site.

We want the house to stay in her family or mine when the second of us passes on. We want to pass on the house and property with the following restrictions:

1) The house & property can be sold or given only to a member of either family;

2) The undeveloped property can never be developed or parceled out;

3) All subsequent owners must agree to keep these restrictions when property is passed from them; and

4) All subsequent receivers must forfeit ownership for violating said restrictions, with ownership reverting to direct descendent of last prior owner.

Is that possible to do in a NY deed?

 

[HomeGuru]

What is the name of your state? New York State: My fiance and I are going to custom-design the home we are building. It is on 100+ acres, all undeveloped except for the house site.

We want the house to stay in her family or mine when the second of us passes on. We want to pass on the house and property with the following restrictions:

1) The house & property can be sold or given only to a member of either family;

2) The undeveloped property can never be developed or parceled out;

3) All subsequent owners must agree to keep these restrictions when property is passed from them; and

4) All subsequent receivers must forfeit ownership for violating said restrictions, with ownership reverting to direct descendent of last prior owner.

Is that possible to do in a NY deed?

**A: yes, so have an attorney write the deed restrictions and record it on title.

 

[DRN]

Thank you for your quick response.

 

[HomeGuru]

Thank you for your quick response.

**A: you are welcome. Make sure your attorney explains the pro's and con's, tax ramifications if any etc.