I have a 30 year loan on the house
2007-02-26 07:59:10 · 5 answers · asked by girlcountry43 1 in Business & Finance ➔ Renting & Real Estate
yes you can sell part of the land.
You need to get a licensed land surveyor, and have him map it out, including how you want to divide the parcels.
check with county or city jurisdictions to to make sure you can parcel out the land, and determine if there any required easements or zoning limitations.
Consult with a lawyer for exact wording on the sales contract.
2007-02-26 08:08:30 · answer #1 · answered by Jack Chedeville 6 · 1⤊ 0⤋
Good question! Once a lien has been established by a lender if any on the property then you will have to obtain their permission to sell off part of their lien. If no lien holders on the property yet then have the acreage surveyed and parcel out what you want to keep. Then set up parcel or parcels you wish to sell. It is possible to obtain a wrap mortgage on all parcels then and sell them off individually to give good deed to the buyer but the lender will want that part of the deed satisfied upon the sale since they have a lien on all. The best way is to survey then pay cash for the unimproved parcels for sale. Then Sell at will.
2007-02-26 08:07:03 · answer #2 · answered by golferwhoworks 7 · 0⤊ 0⤋
Jack C is right on the money, but I would add that the new owner needs access to their land, so if its in the back or something, and there is no other way to get there, you must provide an easement (right of way) for them, like a driveway/gravel road etc..
2007-02-26 09:19:13 · answer #3 · answered by Mark P. 5 · 0⤊ 0⤋
You would have to go through your local town/city government to find out what your land is zoned for (single family, construction, industrial, multifamily) and if it is water and sewer approved. Usually, it must have so many feet of road-front property. Each category of zoning has to be so big (when we sold a lot of land, it was zoned ONLY for single family, and it had to be 1.8 acres, I forget how many feet of road front).
Please remember, land is the most valuable resource...they're not making any more of it!
2007-02-26 08:07:13 · answer #4 · answered by Just tryin' to help 6 · 0⤊ 0⤋
Talk to your mortgage lender, but chances are you will have to pay all the proceeds to them.
2007-02-26 08:07:29 · answer #5 · answered by David V 5 · 0⤊ 1⤋