Legal Question in Real Estate Law in Georgia
seperate building into seperate units
Hello, my question is this I own a duplex - two seperate address, two seperate water mains. I have a mortgage on the whole building, if I wanted to sell off one unit what would it require in Atlanta, GA and is it very expensive process?
thank you
cece
2 Answers from Attorneys
Re: seperate building into seperate units
Your mortgage on the whole building is but one of many issues, especially if the property has never been deeded as two seperate parcels. If that is the case, you'll definitely need to see a real estate lawyer to divide the property (w/ surveys, covenants about shared walls and maintenance, etc.). You will also have to either refinance, or have the lender release one of the newly divided parcels, after they get paid, of course. You will likely find it easier, if not necessary, to refinance. It is really beyond the scope of what you can get here.
Re: seperate building into seperate units
It depends on a number of factors, including the zoning and whether the building is legally one, single building or 2 separate units. Zoning may prohibit you from selling off one side. The fact there are 2 water bills means nothing.
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