Posted on: 25th Aug, 2010 02:31 pm
I want to buy a small sliver of land (~ 1/5 of total) from my neighbor who wants to sell his house along with property but does not own this real estate. He is quite agreeable to sell this small portion of his lot. Can I do this with a quitclaim deed and if so when do I pay him and how do we deal with his mortgage company that holds the lien against his home and property. Note I am only acquiring land in this deal.
Hi dpigarden!
Welcome to forums!
If the real estate property and the land are jointly titled, then the person will have to subdivide it and then transfer it to you. If there is no mortgage on the property and the land, then it will be easier for your neighbor to transfer the land to you.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If the real estate property and the land are jointly titled, then the person will have to subdivide it and then transfer it to you. If there is no mortgage on the property and the land, then it will be easier for your neighbor to transfer the land to you.
Feel free to ask if you've further queries.
Sussane