I intend to sell my house to a relative. The house is located adjacent to other property that I own and intend to retain. I want to be guara...

Question

I intend to sell my house to a relative. The house is located adjacent to other property that I own and intend to retain. I want to be guaranteed that I will have the opportunity to regain ownership of the house if my relative passes away, decides to sell, etc. At this point, both parties agree to this condition, but I am not guaranteed that we will always agree. I understand that the most common mechanism to accomplish this would be by "right to first refusal". However, I understand that this is only effective for 10 years. Is there another mechanism that would guarantee me this privilege permenantly?

Answer

You can transfer less than full ownership, perhaps a usufruct, that terminates upon death, and you, as the naked owner, would become full owner then