cant be bought? - Posted by jeff

Posted by GL(ON) on July 05, 2002 at 13:11:16:

You have the first chapter of a Stephen King novel there LOL.

I’m not sure if it could be set up that it can’t be sold. If it was, there are a hundred ways to get around it.

I know of one case where a rich man knew his son was a bum and would soon blow his inheritance so he left his property to the son, with the provision that he could never sell it but had to pass it on to HIS son (the old man’s grandson).

The son sued the grandson and took him to court on the death of the old man. He did this when his own son (the grandson) was 2 years old.

He lost.

When the grandson came of age, he got his inheritance but it was worthless. His father couldn’t sell any of the property, but he had it all mortgaged to the hilt.The grandson couldn’t pay for the mortgages and he lost almost all of the property.

Ironically the grandfather was one of the most successful lawyers in New York City in the late 19th century.

In the case of the house you name, it would probably be possible to get the deed if you really wanted it, but a 1000 year lease would be just as good.

cant be bought? - Posted by jeff

Posted by jeff on July 05, 2002 at 12:27:30:

i was talking to a woman at a cookout yesterday and she says her neighbors house was set up by its former owner to pass down from generatiion to generation and cant be sold. not that i have much interest in this house, it is currently vacant becasue of needed repair and the owners have no cash. the house is in a remote location and is not worth much even in great shape. but i just thought that i couldnt be bought sounded weird. is this possible? is it possibel to set up some type of probate or something that doesnt allow a peice of property to ever change hands from the blood line? i personally dont beleive it, but ive never heard of it before, so i really dont know. but it is just a question for thought, im not buying it regardless of the answer. just curious.

oh yeah, BTW. one of its previous owners was buried in the yard about 10 years ago. the grave is like 20 feet from the front door. this seems weird to me too. id say this would put the value of the house somewhere arond a negative 10K.

Re: cant be bought? - Posted by Mr. Deeds

Posted by Mr. Deeds on July 05, 2002 at 14:52:14:

Sounds like a simple deed restriction to me…