6 Comments Commercial law, litigation, contracts, IP, property law
No law as such, however nothing to stop you having an agreement drawn up by a solicitor which specifies a few conditions on your relative in return for the transfer of the property.
But what is your objective? If you were to tell us what you actually wish to achieve, there may be a better way to do it.
Thanks for the reply... my objective is that i still want some control over the land while i am alive ,,i have seen and heard on numerous occasions of where this has been done then some time later a fall out occurs between family members and the person who was given the land sells it or where their wife ( or husband) has a marriage split up and takes half... Perhaps i sound harsh but if it means i can have no say or control then i wouldnt do it in the first place...
I live on another property i own, not on the said land, the main reason i would like to transfer ownership to a family members name is seeing my situation is difficult i would like to make sure the family member i would like to own the land after my death gets it...so i thought to save any arguments i would liek to transfer the land into that family members name now but still have some control over it as far as not being able to sell the land for any reason,,,,
A good and valid reason.
One way that you could achieve your aims is to transfer the land into the relatives and your name as joint tenants, that way you both own the land, so it can't be sold now unless you both agree, and when you die it automatically passes to the other party, (by survivorship) without having to become part of your estate to be distributed.
[QUOTE=southwestaussie] ... Is there a law that says i can still have control (or at least some) and to prevent the family member from selling the land.....[/QUOTE]
No, but you could set up a trust and hold the land on trust for the family member. The trust deed could give you what powers you want. Just make sure none of terms of the trust come into play as a result of your death, otherwise, the trust will be deemed a will and the will would probably be invalid.
You cannot rely on a contract of sale to effect future control over the property. But you could enter into a deed whereby the family member promised not to sell for a specified time. Or you could transfer the land to the family member and in return the family member gives you a registered lease over the property for a nominal rent, say $20 per year. If the lease was for say 10 years, no one would buy the property. On your death the lease would lapse.
There are a number of options, see a lawyer to discuss.