Ask Experts Questions for FREE Help !
Ask
    scobotn's Avatar
    scobotn Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Feb 13, 2011, 05:05 PM
    If my parents sell me some land .Can I get the deed to say that I cannot resell it?
    WoodWhisperer's Avatar
    WoodWhisperer Posts: 5, Reputation: 1
    New Member
    		  
    #2

    Feb 13, 2011, 05:10 PM
    No
    ma0641's Avatar
    ma0641 Posts: 15,675, Reputation: 1012
    Uber Member
    		  
    #3

    Feb 13, 2011, 07:34 PM
    If it is a fee simple contract, you can sell it tomorrow. However, are there any stipulations or conditions in the contract like-Can't sell for 5 years?". If so, and you signed the contract, you are bound by the terms and conditions.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #4

    Feb 13, 2011, 07:44 PM

    There can be many restrictions given, they can be given a life estate of a home if they are living in it ( you can not sell it for their life time as long as they live in home)

    They can sell it with the right to buy it back or have the first option to if you want to sell.

    But why would they want to sell if, or you buy it, if it is restricted.
    joypulv's Avatar
    joypulv Posts: 21,591, Reputation: 2941
    current pert
    		  
    #5

    Feb 14, 2011, 04:15 AM
    Perhaps it is your parents who are willing to sell you land, but want to be sure you don't resell within a certain time span, such as their lifetimes? Then they write that into the contract and deed, depending on laws in your state regarding restrictions and covenants. You all should have a lawyer.
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
    Expert
    		  
    #6

    Feb 14, 2011, 05:00 AM
    Quote Originally Posted by joypulv View Post
    ...
    You all should have a lawyer.

    Yes. For example the lawyer will know whether such things as "the rule against perpetuities" and the Rule in Shelley's Case apply in your jurisdiction.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Can I sell the land I'm buying from bond for deed to pay the remainder off [ 0 Answers ]

Im wanting to sell the land Im paying on in a bond for deed, can I sell it and use the remainder to pay it off. In the contract it states that "that no sale, transfer,assignment or pledge of this contract shall be binding on the sellers,nor shall it be of any validity or force, unless sale,...

Parents deeded land to children before their death, tax consequence upon sale of land [ 1 Answers ]

What is tax consequentce on sale of land that was deeded to children before death of parents (now deceased)

Sell land? [ 1 Answers ]

My wife and I own two acres of land in North Central Florida. Considering the appalling state of the economy which only promises to get worse, do you think it would be wise to sell this land ASAP before its worth seriously depreciates?

Should we sell the land NOW? [ 1 Answers ]

My wife and I own two undeveloped acres of land in North Central Florida. In light of the current economic meltdown, we were wondering if we should sell the land NOW, before it's worth becomes almost nil.

View more questions Search