Deeding Personal Property Rights to Non-Owners of Land

[maineisland]

7 Joint Tenancy owners have a small lot (100' x 100') on the shore of a lake for parking - no improvements. 5 want to allow a neighbor to build a boathouse/storage shed and allow him to treat it as his personal property - 2 do not. He would pay for the building in full, all ongoing insurance and mainetenance, and all personal property tax. We would get use of 1/2 the boathouse (for free). Can the 5 do so? If so, how? If not, what can the 5 do?

 

[army judge]

What you're proposing could cause the owner's to lose title to the property. It is never a good idea to allow another to project ownership of your real property.

I suggest the property owner's consult with an attorney BEFORE they do anything in this matter. If they do decide to plow ahead in this deal, their attorney should draft the lease agreement.