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

Virginia

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Posted: 01/26/20 06:48am Link  |  Quote  |  Print  |  Notify Moderator

will that 55+ park allow units in that are "owned" by people under 55?
bumpy





Expyinflight

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Posted: 01/26/20 08:56am Link  |  Quote  |  Print  |  Notify Moderator

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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johnnyg08

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Posted: 01/26/20 09:30am Link  |  Quote  |  Print  |  Notify Moderator

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!

johnnyg08

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Posted: 01/26/20 09:30am Link  |  Quote  |  Print  |  Notify Moderator

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!

ItsyRV

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Posted: 01/26/20 12:44pm Link  |  Quote  |  Print  |  Notify Moderator

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.

* This post was edited 01/26/20 01:03pm by ItsyRV *


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ryoung

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Posted: 01/26/20 12:48pm Link  |  Quote  |  Print  |  Notify Moderator

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.

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zcookiemonstar

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Posted: 01/26/20 01:32pm Link  |  Quote  |  Print  |  Notify Moderator

Look into putting your property into a trust. There are lawyers and even some banks that specialize in this.

bighatnohorse

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Posted: 01/27/20 06:39am Link  |  Quote  |  Print  |  Notify Moderator

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.

johnnyg08

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Posted: 01/27/20 06:48am Link  |  Quote  |  Print  |  Notify Moderator

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.

ryoung

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Posted: 01/27/20 06:00pm Link  |  Quote  |  Print  |  Notify Moderator

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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