Housing Business Arrangement Implications

Summary

If you build a house on a lot you dont own, with a contract for the owner to receive rental income, the owners heirs typically inherit the right to the income, not the house itself, upon the owners death. Consult a local attorney for specific guidance.

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If I enter into a housing business arrangement where I build a house on a titled lot that does not belong to me, but I have a contract with the lot owner stating that he will receive *% of the rental income from tenants, what happens if the lot owner dies? Do his heirs acquire ownership of the house itself, or only the right to continue receiving the *% share of the rental income
Hi Joshi! When the lot owner dies, typically, the heirs inherit the rights and obligations under existing contracts. They would likely continue receiving the *% rental income share, not ownership of the house. For specific advice, consulting with a local lawyer would be beneficial. Is there anything else you need help with?