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Planning to buy a house, it was listed as double lot. According to the realtor, one of the lots is shared, and checking the county record, it listed the other owner.
I assume if I were to buy the house, I will have to share the lot with the other owner and I doubt he will sell the his share to me, what potential problems will I be looking into if I were to share a lot?
the realtor was very clear that the lot is shared and only the brochure was wrong.
The previous owner brought the house for 3 years and I think the lot had been shared in the previous 3 years. I suspected they are paying the property tax in alternate year.
The property has 1 1/2 log (say lot 5 and lot 6 with log lot 6 shared) he house was built on the lot 5. Is there anyway to officially split the lot 6 to lot 6a and lot 6b.
Does anyone experience it? what will the problem be down the run? say the other owner not paying for property tax??
Why would you say that Harry? I also would not like it but she said the Realtor did disclose it. Just wonderin why you were short and strong on your answer.
I also believe the other half owner would not sell, so why not have them buy your half? Or is the lot too small otherwise. I been around a long time and never heard of a shared deeded lot. Strange.
It might be one of those deals where the locality abandoned an unused right of way and the adjoining property owners each got 1/2 of the abutting area, although that is usually deeded separately and added to the original deeds.
If it's a standard sized lot then if it's split up you'd probably be looking at a non-confroming lot size that can't be sold to be built on.
I'd steer away from this unless it gets cleared up to your satisfaction. It sounds strange to me.
Just do your due diligence with this item as you will with every aspect of the transaction. Don't be afraid without knowing the facts. If it is a shared lot, not just joint ownership, then there will be a shared lot agreement. Get a copy of it and review it. If it does not meet your satisfaction then don't buy this house. Just because some people have never heard of a shared lot doesn't mean it is a big scary problem. In fact it may be a very good thing.
thanks for all the responses. DH really likes the location.
both my lot and the shared lot are around 0.15 acre each, without the shared lot, it will be small. When I went to the county and did an open record search, I found each of the owner took alternate year ownership (note the previous owner only bought it in 2007), then this year when the owner wants to sell the house, the record showed both owners.
One problem I can see is that what if the other owner refuses to pay the property tax, will I be responsible? If I do purchase, I will definitely check with my real estate attorney, but I am trying to find out what other info do I need...It is a good idea to ask for the shared lot agreement....
any suggestions are welcome.
You "checked with the county" and found it "listed the other owner." Who owns the lot? It got deeded to somebody. If the deed runs to the "other owner" it's not a "shared lot" [which is something I've never heard of but I realize I am not omniscient] it belongs to the "other owner." The title records will disclose who owns what.
what I found was that one year, the other person listed as the owner, then the past year, the current owner listed as owner of the shared lot. Then in this, 2011, both names listed as owner....
From what I read so far, it seems to be very uncommon... I better check with the realtor and, if I do buy, will have to check with the attorney...
there seems to be a lot of potential problems, say what happens if someone gets hurt...
This sounds like a wooded lot that is between the two properties.
It sounds to me like the owners bought the lot jointly to prevent another house from being built between the two.
It's a brilliant idea because it protects your privacy and space, while splitting the tax burden at the same time.
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