Q: How can I get a piece of vacant land back in the event my daughter dies?
I purchased a vacant lot for my daughter so that she can build a house on it. We live in Apple Valley, CA and the lot is also located in Apple Valley, CA. She will be qualifying for the construction loan and the property is in her name. What can we do to legally assure the land will come back to me, if she was to become incapacitated or die before the house is completed?
In the event of her death or incapacitation, I would like the opportunity to finish the house construction and sell the property or sell the land again, if construction hasn't yet started.
We were originally going to buy the land and build the house for her and then sell it to her for cost, but the construction loan lender suggested it would be better for her to take out the construction loan as well as the "roll-over" final real estate loan on the property.
A: Your daughter can leave the land to you with estate planning documents (e.g. will, trust, etc). If she is merely incapacitated, the estate planning can get complicated so a lawyer would make things easier.
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