Posted by Steve Helelr on May 03, 1999 at 18:26:17:
David,
I have personal experience with this so I can comment. Yes you can split the lot/property prior to getting a new mortgage. However, when you sell the lot you just split the mortgage company will most likely not release the lot. Because its not in their favor to do so. So you will have to get a new mortgage for the other property now to clear up the old mortgage that includes all the property. Yes you could do this in a simultaneous close as long as all parties are willing.
Hope this helps,
Steve Heller
Building, Land and Subdividing - Posted by David Alexander
Posted by David Alexander on May 03, 1999 at 01:51:31:
How do you go about subdividing land with a building on it?
There is a House, a couple of acres, and a building. I would like to seperate the house from the building. Where do I start, What is the process. Is it generally a simple procedure or is it Brain surgery? This will be the difference in making a good deal into a great deal if it can be done.
David Alexander
Scorecard the Site/Bldgs. - Posted by Karl Grube
Posted by Karl Grube on May 03, 1999 at 19:33:28:
YOU need a concept plan for development. Given the existing zoning, if you could change the zoning, what would it be? ie. residential …to… 2-family. If you change the zoning, maybe you ought to just sell the property, take your profit and move on! Can you incorporate existing structures into your plan? If you do this, is there one structure that should be removed? THESE questions are the reason why I always get an option to purchase on the property with the right to improve the property through soil testing, zoning change, abstract update, contour mapping, inventories of significant trees, water, ecological amenities, and other feasibility criteria. My option money is in the form of development documents, if I don’t exercise my right to purchase. ANALYSES of site are key to feasibility!
Re: Building, Land and Subdividing - Posted by Dan in Dallas
Posted by Dan in Dallas on May 03, 1999 at 08:06:36:
David,
If its in the city of Dallas, go to the city building
on Jefferson St. That is where the building permits,
code enforcement, etc. is located. There is also a
department which deals with subdividing property.
Don’t waste your time trying to deal with them on the phone. All you’ll get is voice mail and frustration.
Much easier to go in person.
Good luck,
Dan
Re: Building, Land and Subdividing - Posted by Steve Heller
Posted by Steve Heller on May 03, 1999 at 06:57:39:
It’s not that tough. You will need to get a lot split from your city. You may have to get a new loan and mortgage since the mortgage you have now probably includes the entire property. When you get a new mortgage make sure the lot you just split is not on it.
Hope this helps,
Steve Heller
Re: Scorecard the Site/Bldgs. - Posted by David Alexander
Posted by David Alexander on May 03, 1999 at 22:16:31:
This is already an existing building. It’s kind of like getting a house with a swimming pool, you can’t really get more for the house unless you find someone that specifically wants a swimming pool and is willing to pay for it. But because the way this building is situated it could easily seperated and sold or leased.
David Alexander
Re: Building, Land and Subdividing - Posted by David Alexander
Posted by David Alexander on May 03, 1999 at 14:24:05:
Steve,
So there is no way to subdivide until it is free and clear? Could it be done as a Simultaneous type thing. As when I sell the house and close I have the property/building split simultaneously, where the new buyers are only buying the house.
David Alexander