Discussion in 'Fine Living, Home, Design & Auto' started by furo, Jan 31, 2012.
get the deed and any attachments
get it to a lawyer
do you know when this was subdivided?
Indeed it is dissonant, cognitively speaking.
There are subfora for interests outside of clothing, which unfortunately you've seem to have discovered.
I knew that I was getting a 1/4 share of the adjacent lot, but did not really dive into the terms of what may happen if it was pressured to sell off
I'll have to find out how to get the "other" documents that may have been filed with the deed - hopefully they are on record at the same location as the deed itself.
This is the only thing in the deed of any interest about ownership, and as you can see, it doesn't tell me much at all...
dude seriously go talk to a lawyer. this is painful to watch. i know you're wanting to save the $300 or whatever it's going to cost to talk to a lawyer, but it will very likely be money well spent.
I already put a call into the lawyer I used during the closing process (prior to even starting this thread), but the point is to get some more background input before I have to dive in deep - lawyer probably won't get back to me for a day or two anyways.
step 1, you got a lawyer
he'll know what to do
courthouse search for any docs, deed, title, etc.
association rules, formation docs, etc., if there is one
and he'll know what laws apply and what rights you have
okay so I found this, and while I am no lawyer, it appears to be relevant to your case. It states that:
I think what that is trying to say is that it has to be a unanimous decision, and not subject to a majority vote. The ending is where it gets me a little bit confused, saying that 'the court may at any time order a complaint to be amended by striking out one or more of the parcels or by a severance of the complaint'. Hopefully a lawyer can chime in and clarify if that means that it would strike out your "vote" or it would essentially leave the remainder 3/4 to be sold (which seems kind of odd )
But I still advise you to contact a real estate lawyer regarding this.
and here is where you can read more regarding property laws in Massachusetts.
p.s I really hope you're in Mass.
Yep good o'l taxachusetts
Am I the only one who is a little irritated by one person holding out on 3 others that could be looking forward to a nice payout?
Nope, OP bought the house as an end of street property with no neighbours on that side (presumably because they couldn't get building approval due to the end of the street eating into the block.) OP has the most to lose (potentially a view out that side + months of construction.) So if the others want to sell, they should make it financially worth their while.
Wont the OP have some rights to buy the land before a non holder does? If I remember correctly we do have some rules in that respect.
disclaimer, I know nothing about US real estate law.
Lawyer called me back today. He basically said that the three of them can't force me to sell, and would have to take it to court in order to have the plot subdivided. Or, they could just sell their shares to the builder, in which case I'd still own 1/4 share and could make it very difficult for him to build on.
As johnaus stated above, the lawyer also thinks that the land wasn't built on originally because it's probably an unbuildable lot due to frontage requirements, etc.
It's very strange that they sold you guys the plot in the first place. I don't quite get that. Did you pay a premium on your own property for this fractional ownership of an unbuildable lot?
Anyways, a good position for you to be in, as you have good negotiating leverage.
Can I ask why you are so opposed to having another neighbor though? Who maintains this empty plot? Construction is marginally inconvenient, but I would think having a good neighbor buffering you from the main road would be a not altogether bad thing, particularly if you could make some money off it.
Edit: Sorry, I see that it's a cul de sac, not sheltering you from the main road. Either way, though, is having neighbors so bad? In a townhome arrangement I can see the advantages of being end-of-unit, but in this case....
Separate names with a comma.