seperate wooded lot behind my home?

Question

When I purchased my home 2 months ago, along with came came a wooded lot behind my home that has road frontage. one tenth of an acre. town says to small to build on. the home owner next to the lot which is on the block behind me has offered to buy it. ( driveway purposes). It is seperate from my lot. It has a different lot number and block number. Who would pay the closing costs. and would they be less because there is no home there. This land is in central long Island, ny. Where closing costs with 3% down on a home could cost you on the average of $25,000 easy to close on your home. Average home value here is $425.000. And id something we can do privately. because I do not have a mortgage on it. tranfer the deed , with a notory

Answer 1

You can do this without a lawyer, and no closing costs to you.

All you need is a deed form, which you can get from the office supply store, Staples, OfficeOne, etc. You want a "QUIT CLAIM DEED".

You need to do a little homework. You need to know the legal description of the property you want to convey, and how you currently hold title. You need to find the deed to you and the recorded map of the area.

Fill in the name of the Grantor (that's you, exactly the same as it was deeded to you) and the Grantee (however the buyer wants it), and then all you have to do is the legal description.

Look at your deed. It probably reads something like "Lot 4 and lot 112 of Subdivision as shown on a map recorded in volume and page)..."

Figure out which one you're selling, and convey JUST THAT LOT, like "Lot 4 of Subdivision as shown..." This is where your risk is. If you don't know what you're doing, you're going to give him your house.

You will need to sign it in the presence of a Notary, and how many witnesses you need to make it valid is a matter of state law, the recording office can tell you that.

Assuming he's paying cash, the only closing cost is to record the deed, and that's the buyer's problem.

Tell him a) he's picking up all closing costs (there may be Conveyance Tax or Deed Stamps) and b) he only gets a Quitclaim Deed.