1. This Board Rocks has been moved to a new domain: CarolinaPanthersForum.com

    All member accounts remain the same.

    Most of the content is here, as well. Except that the Preps Forum has been split off to its own board at: http://www.prepsforum.com

    Welcome to the new Carolina Panthers Forum!

    Dismiss Notice

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

Discussion in 'Money & Finance Forum' started by Ace13, Apr 29, 2010.

Page 3 of 6
  1. Apr 30, 2010 at 10:30 AM #21
    VA49er

    VA49er Full Access Member

    Posts:
    22,561
    Likes Received:
    4
    Joined:
    Jun 14, 2003
    Doesn't matter, I would still consult a lawyer. I don't like them either but you have to protect yourself if you are this suspicious of the guy. There will probablly be title issues to deal with.
     
  2. Apr 30, 2010 at 10:34 AM #22
    Ace13

    Ace13 Full Access Member

    Age:
    47
    Posts:
    15,178
    Likes Received:
    0
    Joined:
    Jun 29, 2005
    Location:
    I'm lost...
    I just meant that if I have to talk to a lawyer and, in turn, pay a bunch of lawyer fees for advice, then I'll just keep the land and he can FRTFO.
     
  3. Apr 30, 2010 at 10:36 AM #23
    Hot Wheels

    Hot Wheels absolutely will never not

    Posts:
    9,994
    Likes Received:
    0
    Joined:
    Feb 17, 2005
    Location:
    Somewhere in NC
    Rich people, can't do nothin' with them without involving lawyers!
     
  4. Apr 30, 2010 at 10:38 AM #24
    Shrapnel

    Shrapnel Stinky

    Age:
    63
    Posts:
    13,934
    Likes Received:
    2
    Joined:
    Jan 13, 2003
    Location:
    East Bugtussel
    Yes

    They would have to approve a release of that partial from the existing mortgage and file it where the mortgage is filed.
     
  5. Apr 30, 2010 at 10:43 AM #25
    VA49er

    VA49er Full Access Member

    Posts:
    22,561
    Likes Received:
    4
    Joined:
    Jun 14, 2003
    Hadn't thought of that but it makes sense since the collateral would technically change.
     
  6. Apr 30, 2010 at 10:46 AM #26
    Shrapnel

    Shrapnel Stinky

    Age:
    63
    Posts:
    13,934
    Likes Received:
    2
    Joined:
    Jan 13, 2003
    Location:
    East Bugtussel
    And, depending on the lender, loan balance, appraised value, etc., they may require that part or all proceeds from the sale be applied to the mortgage.
     
  7. Apr 30, 2010 at 10:47 AM #27
    Ace13

    Ace13 Full Access Member

    Age:
    47
    Posts:
    15,178
    Likes Received:
    0
    Joined:
    Jun 29, 2005
    Location:
    I'm lost...
    Now THAT would be interesting, but I think we have enough equity that it wouldn't be the case.....
     
  8. Apr 30, 2010 at 10:55 AM #28
    Hot Wheels

    Hot Wheels absolutely will never not

    Posts:
    9,994
    Likes Received:
    0
    Joined:
    Feb 17, 2005
    Location:
    Somewhere in NC
    Shrap, you are an enigma wrapped in a conundrum, fill with a veritable surfeit of useful knowledge.
     
  9. Apr 30, 2010 at 11:13 AM #29
    BigVito

    BigVito Splitting Headache

    Age:
    62
    Posts:
    22,728
    Likes Received:
    3
    Joined:
    Jun 4, 2003
    Location:
    Left of Center
    As for the tax ramifications, you would be responsible for pro-rated property taxes on the value of the 'strip." On the federal/state side, you would have a capital gain/loss on the property that you would have to report.
     
  10. Apr 30, 2010 at 11:17 AM #30
    VA49er

    VA49er Full Access Member

    Posts:
    22,561
    Likes Received:
    4
    Joined:
    Jun 14, 2003
    That is definitely the case with commercial mortgages, not sure with residential though.
     
Page 3 of 6

Share This Page