Selling a strip of land to a neighbor.....

What are the repercussions of doing this?? Aside of the obvious, of course, being that my lot would be smaller by 'x' amount and it would change the easements from which I can build anything....

My neighbor paid to have surveys done of my property prior to our moving in to the house, and he's got it all calculated out as to exactly how much sq. footage it is that he wants. He still hasn't made me an official offer yet, though. But I'm not sure I'd even consider it, depending on the potential headaches it could cause.

Some of my initial concerns: Will I need to pay taxes on the money recieved from the sale? How much %age? Also, what about the bank that holds the mortgage and the lien on the property? I magine they need to be made aware and/or approve? What else should I be considering?

It's a relatively small strip of land that I can't use for shit anyway, and losing it will have no bearing on any future plans I have with my yard. I honestly don't understand my neighbor's motive in dropping so much cash on such a small piece of unusable property.

 

I honestly don't want to and my first instincts are to not trust this guy. I don't like his vibe...bad ju ju.

 

I kinda agree with Hot Wheels on this.............you said yourself " I honestly don't understand my neighbor's motive in dropping so much cash on such a small piece of unusable property." Something is up. He does have a plan for that piece of property - you just don't know what it is. Something seems odd........

 

I know he's not gonna build anything on it because it's within the right-of-way of the power lines that run behind our house, so the land is absolutely unusable. And I don't even know how much he intends to offer on such a small, seemingly meaningless strip of land.

And yes... the guy does seem like a bit of a goof, but setting those opinions/feelings aside, I'd like to know more about the processes and the legal ramifications of it before I say yes or no to anything....

 

Tell him he can mow it when he does his lawn so it will look like it's his.

 

I have surveys I paid for that say that land is mine

 

Strip of Land

How much land is your whole parcel? Will selling it put your tract below the minimum lot size within the jurisdiction? Will it affect set backs for the location of your home or potential shed or pool?
You say that it is underneath a power line easement, do you know if anything may be contemplated for that right of way?
Possibilities are:
A gas line being laid in the right of way
Fiber Optic cable in the right of way
Wireless communication facility located on a pole or tower for the power lines.
Each of these would require a payment or lease to the underlying property owner.

 

I wouldn't trust him, either. Sounds like he's just bullshitting, just feeling you out.

 

I googled him...he is very active in the city and is loaded. Go figure. Still, having grown up in a business atmosphere I still don't trust him. Something isn't right.

I'll let Ace give all the details because...well, I just don't care about that stuff.

 

He is active in the city..............something is happening.