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An owner of an adjacent lot contacted me and the abutters about his plans to sell it. It is a back lot with no right of way from any direction. I live in a duplex and I was thinking of purchasing it with my other unit owner. What would be an advisable way of doing it? Buying it as a condo association? Buying as LLC?
Currently it is unbuildable, but in the future it could become buildable if some abutters sell too.
My other unit owner may not live in my building as long as I am planning to, is there such a thing as owning 51% of the stake in that lot? Does that grant me any powers in the future (when condo unit changes hands)?
One of you could possibly buy it and sell 1/2 to the other person after dividing the new lot. Or the current owner could do the same thing, selling 1/2 to each of you. Would that layout make sense?
I would prefer to own the lot separately - meaning......it would have to be subdivided into two non-buildable lots which would then be consolidated into each separate duplex lot.
I'd pay a visit to your local zoning office. There's a lot of paperwork involved.......and of course $$$.
Are you 100% positive that none of the other abutters have a recorded easement for this lot?
Thank you. We pondered this a little further and decided we will purchase it as simple co-owners and then transfer it into land trust since that may take some time.
I am still not very clear on the fundamentals of how trusts actually work. They are simple as a concept, but the details elude me.
Points such as:
- if you assign a law firm as trustee, what happens if they go out of business.
- what physically prevents some person with the same name as me taking ownership of the property. There are no unique identifiers involved in registry of deeds beyond name/address.
- What prevents someone from writing himself as a share owner of the trust?
- are these just legal documents that you can use to fight in court IF one of the above happens?
- is title insurance there to cover all these problems?
- does trust name need to be universally unique? What happens if there is a name collision?
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