Legal Question in Real Estate Law in Arizona

subdividing

I am purchasing a manf. home on 10 acres in AZ and want to subdivide and sell off two acres. It is zoned and able to subdivide. Can I do this when I have a mortgage on this property or can I work a clause into my loan so I can sell off some acres thus helping to decrease the amount on my mortgage?


Asked on 7/11/07, 3:18 am

2 Answers from Attorneys
James Jenkins Jenkins Law Center PLC

Re: subdividing

You might get the lender to agree to accept your loan on 8 acres only as their collateral, so that the other 2 would be free of the loan. Your question is not clear as to whether the mortgage is already in place or not. If so, more difficult. Talk to the bank and then an attorney.

Good luck and best regards.

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Answered on 7/13/07, 11:12 am
Brian Blum Blum Law Office, PLC

Re: subdividing

You'll need the cooperation of the bank to do this. I suggest you hire an attorney to work with the bank and to oversee the subdivision.

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Answered on 7/11/07, 1:23 pm


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