Good Sam Club Open Roads Forum: Purchasing in a 55+ Community - AZ
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johnnyg08

Mesa

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Posted: 01/25/20 10:47am Link  |  Quote  |  Print  |  Notify Moderator

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?

Lwiddis

near Jawbone Canyon, CA

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Posted: 01/25/20 11:12am Link  |  Quote  |  Print  |  Notify Moderator

Tens of thousands of dollars involved here and you are asking for Arizona estate planning advice on a continent wide RV forum?

In California BAD idea to add kids to anything substantial. If they are at fault in an auto accident guess what one of their assets are? Their part of “your” RV/park model trailer.


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DFord

Near St Louis, MO

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Posted: 01/25/20 12:50pm Link  |  Quote  |  Print  |  Notify Moderator

When my Dad passed away, we had to get a lawyer involved to take his name off the title to the house and make my mother the soul owner. My sister and I were added to the title TOD (transfer on death). We had no interest in the property until she died. When we sold the house, there was no question the house had become ours when my Mother died and we signed the title over to the buyer. The value of the house to use was what it was worth on the day she passed away. She had some stock and we were on that TOD also. Our base value was what the stock sold for at close on the day of her death. You can use TOD on any title - houses, cars, stock. The names listed after TOD have no ownership until the primary owner dies. No lawyer or courts needed.


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johnnyg08

Mesa

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Posted: 01/25/20 12:56pm Link  |  Quote  |  Print  |  Notify Moderator

DFord wrote:

When my Dad passed away, we had to get a lawyer involved to take his name off the title to the house and make my mother the soul owner. My sister and I were added to the title TOD (transfer on death). We had no interest in the property until she died. When we sold the house, there was no question the house had become ours when my Mother died and we signed the title over to the buyer. The value of the house to use was what it was worth on the day she passed away. She had some stock and we were on that TOD also. Our base value was what the stock sold for at close on the day of her death. You can use TOD on any title - houses, cars, stock. The names listed after TOD have no ownership until the primary owner dies. No lawyer or courts needed.


Thank you. That seems incredibly straight forward. Can a 55+ HOA restrict ownership? We think that they have legal standing to restrict residency (which the they understand until they turn 55) but we feel like they could still own the property and rent it out (assuming good w/ HOA) until they can snowbird at their retirement.

Does that make sense or am I way off?

alfredmay

West Milford, NJ / Donna, TX

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Posted: 01/25/20 12:57pm Link  |  Quote  |  Print  |  Notify Moderator

In Texas a park model is a vehicle (trailer) and not real property. There is no deed. It may be the same in Arizona.


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johnnyg08

Mesa

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Posted: 01/25/20 01:00pm Link  |  Quote  |  Print  |  Notify Moderator

I think you are right. What if there is land ownership in addition to the park mod? Does that matter?

MDKMDK

Canada

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Posted: 01/25/20 02:11pm Link  |  Quote  |  Print  |  Notify Moderator

Suggest you speak to the board of the HOA to get their take on what you want to do. As you've already suggested, they'll be involved at some point, so why not get the official answers you seek, before jumping in?
If it were me, I'd simply will/transfer on death the ownership to the kids, as others have suggested, and let them deal with it. Give them a heads up, too.


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ScottG

Bothell Wa.

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Posted: 01/25/20 02:14pm Link  |  Quote  |  Print  |  Notify Moderator

DFord wrote:

When my Dad passed away, we had to get a lawyer involved to take his name off the title to the house and make my mother the soul owner. My sister and I were added to the title TOD (transfer on death). We had no interest in the property until she died. When we sold the house, there was no question the house had become ours when my Mother died and we signed the title over to the buyer. The value of the house to use was what it was worth on the day she passed away. She had some stock and we were on that TOD also. Our base value was what the stock sold for at close on the day of her death. You can use TOD on any title - houses, cars, stock. The names listed after TOD have no ownership until the primary owner dies. No lawyer or courts needed.


This is especially nice on bank accounts (referred to as POD). After the person passes, all you have to do is show up with a death certificate and ID. It is outside of any will (but part of the estate for tax purposes) and the bank pays immediately.


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ItsyRV

Desert SW

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Posted: 01/25/20 02:20pm Link  |  Quote  |  Print  |  Notify Moderator

AZ has no law that prohibits the owner of real property from being under 55 in a age restricted community. HOA's may also be limited on their ability to impose such restrictions as ownership and occupancy are two separate issues under ARS. I know many in AZ age restricted communities that have younger family members as owners but who can't legally reside in what they own.

Because there is mass confusion among people in these communities over the various laws, HOA rules, property ownership versus land leasing versus rental and everyone knows someone who has or has not been able to do what you ask, I strongly suggest you speak with a lawyer who knows AZ laws on age restricted communities.


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johnnyg08

Mesa

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Posted: 01/25/20 02:22pm Link  |  Quote  |  Print  |  Notify Moderator

One of the kids suggested investing in a percentage of the purchase price...would that matter at all in terms of how things would appear on a deed?

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