Life Time Lease/Estate
I built my home on a family members property-guest house. The family member and wife recently divorced and the their house and the guest house were put up for sale. When I built my home they signed a notarized statement saying my husband and I had rights to the home we built till we died/passed away. I was told I needed to record this agreement, which I intend on doing. My question is, how do I figure out how much the guest is worth, in a rental aspect and how long to estimate life expectancy of my husband and I. We want to come up with a fair amount for a (buy off from the (relatives/sellers) when the home is sold. We invested (150 Thousand in the build) of our own money, not including upgraded flooring, and window covers, which the contractor did not include. The agreement is signed by both parties, who are now divorced.
Thank You
Zero balance lease/life estate: the purchaser pays in advance for the right to occupy a unit for the duration of his/her lifetime. No redemption value exists (i.e. the lessee or the lessee's estate cannot sell the leasehold interest).
If you build a home on your family member's property and they end up in a divorce- and both members, husband an wife divorce and ordered by court to sell property and divide evenly- and shortly after building home they sign and notarize and statement saying that you have the right to live on property till both your deaths- does that mean you lose all the money you put in the house you built on a relatives property- and you can not sell your interest/life time lease to the family member. You can only enforce and stop the sale of the property?
