Legal Question in Real Estate Law in New Jersey

doing subdivision with existing mortgage

one of my clients is purchasing a property which is on a double lot. he was wondering how he can do a subdivision once he closes on this property.yhe main problem ishe will have a mortgage on this double lot property.what steps can he take to complete the purchase and the subdivision thank you--name removed--del corio


Asked on 2/13/04, 8:02 pm

1 Answer from Attorneys
Robert Gleaner Robert A. Gleaner, P.C.

Re: doing subdivision with existing mortgage

The mortgage would be a lien on both properties. However, there may be a clause in the mortgage that prevents the subdivision without lender authorization. You should not try to accomplish this without the assistance of an attorney. Keep in mind that this advice is given based on the little bit of information that you have provided in your question. My advice may change based on other information. Further, no one can rely on advice from an attorney who has not been retained. You cannot rely on this advice because we have not personally met and you have not retained me as an attorney. If you have not already done so, you should immediately meet with an attorney for a full consultation before you take any further steps. You may feel free to call me [856-546-8010] to discuss this matter in more detail. If you do so, mention Law Guru and your first one hour of time will be free. Good luck! Rob Gleaner

Read more
Answered on 2/15/04, 10:17 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in New Jersey