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Purchasing in a 55+ Community - AZ

johnnyg08
Explorer
Explorer
Hi,

Been lurking here for some time, figured now is as good a time as any to make my first post.

For the past couple of years we've rented a park model in a 55+ community and we think we're ready to take the plunge into ownership.

Here's my question...and I'm just seeking input from the group with the full understanding that this is not legal advice, etc...

My wife and I are in our 60s but we would like to put our two kids on the deed who are under 55.

Is there a way to do that as long as my wife and I are over 55? Or can the HOA restrict that?

Then, if we can't put them on deed, are there other legal ways to set this up in a way that it could work when they turn 55? We'd want to be fully transparent with the park, HOA, etc...nothing shady...just how to do it legally (and again, I know this isn't legal advice)...just discussion since some of you may have real experience with something like this.

For now, let's make it specific to Arizona. Thank you for you input!

Also, if this is the wrong forum for this kind of question, can you please accept my apologies and recommend a different discussion forum?
33 REPLIES 33

johnnyg08
Explorer
Explorer
Mike134 wrote:
I won't be caught dead or alive living in a HOA controlled compound.


There are people in that camp...one way or another you're paying...either lot rent or HOA...plus in the ones we're looking at they have the amenities that we won't need to purchase or maintain.

To each his/her own...for sure.

Mike134
Explorer
Explorer
I won't be caught dead or alive living in a HOA controlled compound.
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johnnyg08
Explorer
Explorer
What are the approximate Real Estate fees for a transaction like this? We're working through our offer and want to have an idea as to what the fees will be.

Park Model and the land under the park model

Probably a title transfer fee for the park model
Probably some type of recording and transfer fee with the county
Probably an HOA transfer fee of sorts

Can anybody quantify this for me?

I understand that this is an Internet forum and not a place for legal advice. Thank you

johnnyg08
Explorer
Explorer
ryoung wrote:
Arizona is one of 15 states that allow Enhanced Life Estate Deeds. Also known as Transfer On Death Deed and Lady Bird Deeds.

ryoung


I've been reading about these.

Seems like a no brainer for this transaction

ryoung
Explorer
Explorer
Arizona is one of 15 states that allow Enhanced Life Estate Deeds. Also known as Transfer On Death Deed and Lady Bird Deeds.

ryoung
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johnnyg08
Explorer
Explorer
bighatnohorse wrote:

Best advice, right there.
In addition to AZ real estate law, the attorney should be knowledgeable in trust law. Trusts such a Dynasty Trust are relatively unknown.
In AZ, manufactured homes are vehicles and are titled that way (Been there, done that.). A park model may be the same.


Of course. But this is exactly why I'm here...to get these thoughts and ideas so we are not going into this conversation blind. Thank you for your contribution to this thread.

bighatnohorse
Explorer II
Explorer II
DownTheAvenue wrote:

I strongly advise you obtain the services of an attorney who is knowledgeable with Arizona real estate law. Using advice from an internet forum is unwise.


Best advice, right there.
In addition to AZ real estate law, the attorney should be knowledgeable in trust law. Trusts such a Dynasty Trust are relatively unknown.
In AZ, manufactured homes are vehicles and are titled that way (Been there, done that.). A park model may be the same.
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zcookiemonstar
Explorer
Explorer
Look into putting your property into a trust. There are lawyers and even some banks that specialize in this.

ryoung
Explorer
Explorer
You need to check what Arizona allows.

Some states have a form of life estate deed that gives the owner continued control over the property until his or her death. Once the owner dies, the property is transferred automatically to new owners without the need for probate.

I have done this in Indiana and Florida.

ryoung
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2019 Wolf Creek 840

ItsyRV
Explorer
Explorer
Bumpyroad wrote:
will that 55+ park allow units in that are "owned" by people under 55?
bumpy

In AZ, ownership of real property (land) is a separate issue from occupancy (residing) when it comes to 55+ communities. A 55+ community has the legal right to restrict occupancy based on age but are limited on how age applies to actual real estate property ownership. It also get confusing because many of these communities routinely violate the law concerning ownership so much so old folks think it's fact. There are lots of variations of ownerships and types of properties and how held or taxes which all effects this issue. That why a good real estate lawyer who deals with age restricted communities is often a best bet. You would not belive how many problems these communities have on a regular basis just over ownership or occupancy issues.

People often will "buy into" a 55+ community and may even have some loan for that purchase but in reality, as Expyinflight mentioned, they didn't actually buy the land.
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johnnyg08
Explorer
Explorer
Expyinflight wrote:
Another thing to be aware of. In the majority of Arizona's 55+ communities, you own the 'home', but not the ground or lot that it sits on. You pay a monthly rent or lot fee, which your heirs would then be responsible for unless or until they sell the unit.
I can only think of a handful where you own the lot.


Good to know. Thank you!

johnnyg08
Explorer
Explorer
Nv Guy wrote:
Aside from the titling issues, take a long hard look at the financial report for the Association- make darn sure the reserves are fully funded, you don't want to buy a space, then get hit with a big assessment to fix the roads or other capital improvement the Association owns.


Great tip! Thank you!

Expyinflight
Explorer
Explorer
Another thing to be aware of. In the majority of Arizona's 55+ communities, you own the 'home', but not the ground or lot that it sits on. You pay a monthly rent or lot fee, which your heirs would then be responsible for unless or until they sell the unit.
I can only think of a handful where you own the lot.
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Bumpyroad
Explorer
Explorer
will that 55+ park allow units in that are "owned" by people under 55?
bumpy