Recently I have run into a situation that is so complicated to me that I plan to make an appointment with a lawyer. I know this board has experts in banking, finance, and real estate so I thought I would see if any of you might have run across anything similar. This might be a little long so stay with me.
Over half a century ago, my family made a verbal deal to purchase the land where my house is now located. Before formal paperwork could be completed, the owner changed his mine and wanted to keep a small 50 x 100 strip of the property, but he kept the price the same. My family reluctantly agreed.
After I came in possession of the property, I tried through three different owners to buy the small 50ft section to restore the land to its original dimensions.
Here is where it gets complicated. The present owner has agreed to sell me the property, but says she has to wait five years. During the 2016 flooding, her little house was damaged and a few years later, FEMA had some left over recovery money and built her a new house.
Since she still owed on her old house and lot and the land I want, FEMA paid off her mortgages before building her new house. Now she says she has to wait five years (actually three now) before she is allowed to sell any of her property.
I know that her house and lot are on a separate tax ticket from the land I want. Is there any way to split that off or do I have to wait years?
I’m still going to the lawyer, but I’m interested to see what some of you say about what I can expect.
Over half a century ago, my family made a verbal deal to purchase the land where my house is now located. Before formal paperwork could be completed, the owner changed his mine and wanted to keep a small 50 x 100 strip of the property, but he kept the price the same. My family reluctantly agreed.
After I came in possession of the property, I tried through three different owners to buy the small 50ft section to restore the land to its original dimensions.
Here is where it gets complicated. The present owner has agreed to sell me the property, but says she has to wait five years. During the 2016 flooding, her little house was damaged and a few years later, FEMA had some left over recovery money and built her a new house.
Since she still owed on her old house and lot and the land I want, FEMA paid off her mortgages before building her new house. Now she says she has to wait five years (actually three now) before she is allowed to sell any of her property.
I know that her house and lot are on a separate tax ticket from the land I want. Is there any way to split that off or do I have to wait years?
I’m still going to the lawyer, but I’m interested to see what some of you say about what I can expect.