My husband and I are being given an opportunity from a family member to use a portion of land, but there are some red flags I’m worried about. First off this family member, with a sketchy co-signer, has a loan on a rural property in the coastal California mountains, around 10 acres. He is offering to allow us to move up to one of the spots on the property in a trailer of sorts and let us build a house there. We can rent the property for dirt cheap for 5 years and then after something happens with the loan and a co-signer isn’t involved we can start building. As far as the land, he plans to never sell and is left the the middle sister when he passes. He wants to meet with a lawyer to see about gifting that portion of land in our name.
Right after my husband and I got married, and we were gonna move out of my parents house Covid hit. Prior to our wedding the agreement was to only stay 3 months so this all sounds incredibly tempting. We wouldn’t mind living the trailer life for a bit if it means potentially building a dream house in a dream location. I just want to make the best choice for my family but I don’t want to miss an opportunity by being too cautious.
I suppose my question is can this be done and how does someone go about it? What kind of contract can be made up as a sense of security as well for the time being? Is this a rent-to-own situation?