Apartment Building sold as Quad? - Posted by P.A.

Real Estate Investing
1

Posted by P.A. on March 08, 2006 at 14:29:49:

Thanks for your response John,

I went to the court house and found the whole complex is under one parcel ID.Instead of each building having it’s own ID.

Is there a way to remedy this situation?

P.A.

2

Apartment Building sold as Quad? - Posted by P.A.

Posted by P.A. on March 07, 2006 at 06:46:58:

Is it valid to sell an physically attached apartment building as a quad. When I go to the tax records none of the buildings have separate parcel numbers for tax purposes. It is listed by one tax id for all units.

Are there ingress and egress issues?

3

Re: Apartment Building sold as Quad? - Posted by John Corey

Posted by John Corey on March 08, 2006 at 24:23:41:

There is no legal definition of an apartment building.

The number of legal residences on the same time will tell you how many legal units there are.

If the building has 5 or more legal units then the property will be treated as a commercial property and not considered residential for the purposes of financing. This means that it could not be owner occupied (1-4 units can be).

Pull the title (title company can do this) and see how many parcels are involved (are under the building).

Expect the pricing and the value to be determined by the use and by the available financing.

John Corey

4

Title Will Tell - Posted by Jimmy

Posted by Jimmy on March 07, 2006 at 07:03:51:

talk to the title company. they may have a quick answer for you. and they are the ones who will stick their necks out issuing a title commitment