I am interested in splitting 100 acres with four people.

They must be looking to build a house. I want each guy to own 10 acres to himself and we share the other 60. ON the 60 shared I want a nice vegetable garden, creek/pond, burn for shooting, and maybe more. On the 10 acres each owns to himself build a house and what not. I would want to meet all the people involved and make sure they would be good neighbors. My question is what problems would I encounter during this process? What else could be done with our shared acres to profit?
Taxman
Asked Feb 25, 2013

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You would have no control when the property is re-sold. To avoid that, I would put the common area into a trust managed by an owners association by majority vote of the owners with the developer (you) having a tie breaking vote in cases of a deadlock. That would protect you in the future should you get a bad actor in the development.
Rob
Answered Feb 25, 2013
I thought about that and wondered how I would overcome that obstacle. Would the tie breaking vote be transferable to my kid? I want to find people my age so that our kids can be the same age. Would the owners association transfer to all of our kids?
Taxman Feb 25, 2013
When a property is sold, the vote for that property would be passed to the new owner. You can define the authority in the covenant that conveys the sixty acres to the trust. I would add one acre to your lot and base the vote on the number of acres owned. That way your heirs would always have the swing vote. Another thing to consider would be what happens if one owner sells his/her property to another? It is possible that one person could gain control that way. I doubt that a clause prohibiting sale to another owner would pass legal scrutiny in some jurisdictions.
Rob Feb 25, 2013
Meaning there is no way to make sure it stays in our four families names? I was told if we put burial plots on the land then it would help keep in our names. Any truth to that? Thanks for all your sound advice.
Taxman Feb 25, 2013
The burial plot idea would likely depend on the laws where you live. Some areas require perpetual maintenance on burial areas but I'm not sure how that works. When you die, your heirs become responsible for the property and I can't imagine how you would have any control over what they do from the grave. I suspect you would just have to trust them to respect your wishes.
Rob Feb 25, 2013
Yeah, Ok thanks for the help.
Taxman Feb 25, 2013

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