I would wish to sell one fifth of the land in order to raise the money.What is the law on this?
2007-02-17 21:30:18 · 9 answers · asked by elangarreg 1 in Business & Finance ➔ Renting & Real Estate
Provided their are no covenants restricting a partial sale (usually this happens when land/property is inherited) you can ALWAYS sell your share of the property. That doesn't mean that the new owners can start to do whatever they want on an equal percentage of the property (they bought 20%, so they can use 20% of the property...NOT)
What both you and any potential buyer will have to consider is the value of your share and the ability to either convince the others of the best use or to sell the rest to them. I would have to say that this is going to severely impact the value.
If you need to raise money, I would think your best bet is to go to the other owners of the property. Explain to them where you are at and what your needs are. They may be more interested in your share than you think.
Also explain the consequences that you really need the money and if they can't and/or are unwilling to make you a FAIR offer, you will sell your portion and they may not be as happy with their new partner as they have been with you.
Hope that helps
2007-02-18 00:05:38 · answer #1 · answered by ga_rei_guy 3 · 0⤊ 0⤋
Depends on Zoning. If you have 5 acres and it is one acre zoning you can do this if your partners agree. You would need to do a 5 lot subdivision and go through the planning process. It takes time and money but mostly a lot of time and patience.
You will be dealing with planning boards with people on them that have no idea that your land isn't theirs and you just pay the taxes on it. This of course depends on where you are and how that particular board is.
God help you if you need a variance.
2007-02-17 23:38:12 · answer #2 · answered by jazzpaging 5 · 0⤊ 0⤋
by using fact it is affordable for holiday properties. think of you will discover that for the duration of a few unspecified time sooner or later in historic previous,all land has been conquered with the help of somebody or yet another, consequently all land is stolen,whichever u . s . a . you're in. are you waiting to, hand on coronary heart, say you do no longer stay to tell the tale 'stolen' land?
2016-09-29 06:38:14 · answer #3 · answered by barile 4 · 0⤊ 0⤋
Depends on where the land is, what your partnership contract states. If you don't know the answer to your own question, I strongly suggest you hire an attorney.
2007-02-17 23:11:59 · answer #4 · answered by Anonymous · 0⤊ 0⤋
If the attached land is jointly owned by you and your partner, then you would need your partner's OK.
So much depends on your partnership agreement.
Consult your lawyer.
2007-02-17 21:38:41 · answer #5 · answered by Froggy 7 · 0⤊ 0⤋
my sister is 1/5 owner of land and it is in the contract..that "right of first refusal" goes to the other owners...
if they do not buy this......then the new purchaser she finds..has to be approved by the other 4........
read your contract.........
if you do not have one......see a lawyer.............
at present I own subdividable land.....and am keeping it whole for that reason.....I can bring in a co-owner with terms.......
2007-02-18 02:44:12 · answer #6 · answered by m2 5 · 0⤊ 0⤋
It depends if you would be allowed to subdivide the land or not. Check with your zoning board.
2007-02-18 01:16:26 · answer #7 · answered by KathyS 7 · 0⤊ 0⤋
all partners have to agree to the sale of any property or land attached.
2007-02-17 21:43:29 · answer #8 · answered by Lou 4 · 0⤊ 0⤋
no.
2007-02-17 23:39:08 · answer #9 · answered by chiratai 2 · 0⤊ 0⤋