Purchasing in a 55+ Community - AZ
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 rea...
Forum Discussion
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?
