Legal Question in Real Estate Law in New Jersey

Property Subdivision

I have a realty corporation that I am a shareholder along with my sister. One of the properties I intend to buy out of the corporation. The assesed value is $600,000 for the lot. There is a fence around the entire perimeter of the developed portion of the lot. Behind the fence (still part of the lot) is undeveloped woods. My sister wants to put a stipulation that once I buy the lot from the corp, if anyone ever wants to buy the back section of the property,and I subdivide it out to sell, I would have to split the income with her. Is that legal??? What if I ended up selling the lot and then the new owner decides to subdivide and sell??


Asked on 4/03/07, 3:22 pm

1 Answer from Attorneys
florence hessen florence f. hessen,esq

Re: Property Subdivision

Hi:

I believe the only way you can give your sister what she wants, is language that provides for your subdivision, otherwise I think you will cloud the title.

Good Luck

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Answered on 4/06/07, 3:48 pm


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