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Chris The Lawyer
Chris The Lawyer, Lawyer
Category: New Zealand Law
Satisfied Customers: 22480
Experience:  37 years qualified as a lawyer; LLB, MMgt and FAMINZ.
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I would like to buy some land partly with a loan from the

Customer Question

I would like to buy some land partly with a loan from the bank and my daughter and son in law would like to build a house on it. They would need to get a loan for this and I would go guarantor for them. Is it feasible for us to do this, keeping the land in my name and the house in their name? I have around $200,000 deposit which would equal the amount they would try and borrow.
Submitted: 5 months ago.
Category: New Zealand Law
Expert:  Chris The Lawyer replied 5 months ago.

You can do this although there is no title available separately for the house. What I suggest is that you keep the property in your name but prepare a property agreement which sets out the terms and the ownership of the land and the house. You should include indemnities so they would be liable to you if they default, and perhaps a dispute resolution clause in case there are problems in the future. It may be prudent for you to get separate legal advice on the property agreement so it is at arms length

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