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
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.
