Is there any legal/contract structure for buying rooms, or the right to live in a room? I own a place, with multiple bedrooms, say instead of renting the rooms I want to sell the right to dwell in them to a friend. How would one do this?

Clearly this has similarities to a timeshare which sells 'rights to dwell in a unit for a limited time' rather than the unit itself. This is essentially an unlimited-time time share.

9/5/2006 6:22:30 PM

Just a guess, but I'd wager zoning regulations would prevent this.

9/5/2006 7:12:02 PM

I agree. I would not be surprised in the least if zoning was an issue in this. A single family vs. multi-family dwelling, etc.

If you want to do something like this, you would probably have to put their name on the deed and make them co-owners. My mom, my brother, and I all owned a share in our house (50,25,25) because my father died without a will. Eventually, my mom and I sold out to my brother.

9/5/2006 7:18:10 PM

just rent the room to him

9/5/2006 7:41:04 PM

Why?

9/5/2006 10:42:24 PM

That seems like it could get really messy if you ever want to move. Couldn't he just refuse to move out unless you "buy back" the room for some ridiculous amount?

9/5/2006 11:10:09 PM

Ridiculous amount? Probably not. But for fair market price, most definitely.

9/5/2006 11:23:38 PM

If he owns the room then can't he do whatever the fuck he wants with it?

9/5/2006 11:26:53 PM

yea he could charge exhorbitant amounts of money for you to "buy back" the room should you ever try to sell the house. why would you want to sell a room rather than just rent it?

9/6/2006 12:35:40 AM

Quote :

"Just a guess, but I'd wager zoning regulations would prevent this."

that's what I would guess too

9/6/2006 1:05:38 PM

the house and land (assuming its not a condo) are represented as a whole, through a deed. You cannot sell part of a deed. It is either all, or nothing.

9/6/2006 1:25:24 PM

I imagine if you outright own the land and house, you could set up an apartment and sell it as a condo. but im sure you would need to 1.own your house outright. 2. get zoned for this. 3. sell more than just a bedroom, but a whole apartment.

9/6/2006 1:28:09 PM

The answer, from someone witha real estate license is NO. The only way this works is with a Time-share, or a shared interest in real property (meaning joint ownership)

9/6/2006 1:33:04 PM