Legal Question in Real Estate Law in Louisiana

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?

Asked on 3/01/12, 7:23 pm

Charlton Ogden Taggart Morton, LLC

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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

Answered on 3/02/12, 7:27 am

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