Q: Can a restriction be placed so that property is not sold outside of family?
Before they die, parents want to deed land to children. Can a restrictive stipulation be included in a deed which only allows sell of any property to only be offered to the other children, or does this need to be included in a will? If original grantee sells land to a grandchild (not original grantee), does the grandchild have the right to sell to anyone outside of family? Other stipulations wanted are: grantees cannot mortgage land granted to them and are required to perform upkeep of said land.
A: You will need to hire a very competent attorney to draft a Future Interests Deed over to a Class of Family Members. It must not violate the Rule Against Perpetuities. It should tie up the property for at least a hundred years, but property taxes and maintenance could be problems. It is doubtful any mortgagee would lend against such a title. It will create complex estates which must be carefully drafted in order to be enforceable. If this involves a large tract of land, this could be a real blessing. But only a house would be a waste of effort.
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