In my area, it is very difficult and expensive to get this type of severance.
I once looked at 3 houses that were being sold as a single property. They were built all at the same time as rentals.
When I went to the registry office I was astonished to find that the property had already been severed and the houses could be legally sold separately.
This would have doubled their value.
So check the registry office or court house. You never know what astonishing things you will find out.
I do this as a matter of course before I make an offer on a property. It only costs $5.
Getting two deeds, instead of one on Duplex - Posted by Jason-FL
Posted by Jason-FL on January 20, 2000 at 17:48:26:
I have the opportunity to L/O a Duplex that is in perfect condition. The owners however, want about $117,000 which is $4,000 above recent comparables. The rents total $1200 per month and we have agreed upon a lease of $1000 per month with the ability to sublease.
Since the price is high and individual units in other like subdivisions sell for about $70,000, I want to split the duplex into two properties, each with its own deed. This will put the value at around $140,000 (a much better deal). Many duplexes in the area already are deeded this way, but not one in this subdivision. The duplex only has one watermeter which I can see is the first problem.
Can this be done? If so, please tell me how. Thank You
Re: Getting two deeds, instead of one on Duplex - Posted by Ray (NJ)
Posted by Ray (NJ) on January 20, 2000 at 19:27:43:
Don’t know specifics for FL, but in my hometown, approximately 70% of the properties are “duplex-condos”.
In a nutshell, an attorney draws up “condo docs” (will run you a couple thousand bucks), and basically, splits the property into two legal entities. Doesn’t matter about separate water meter. You can state in the condo docs that they are split 50/50. Or, you can purchase and install a splitter and another meter (around $500) which will alleviate that problem.
The biggest hurdle you’ll probably run up against is City Hall. Depending on zoning, they may restrict you from doing this in this specific subdivision. Here, one side of the street can be zoned duplex-condo, and across the street not.