Legal Question in Real Estate Law in Tennessee
We currently live on 4 acres on which we have a mortgage. My daughter and her family would like to purchase 1 1/1 to 2 acres on which to put a home. Are we within our rights to sell a portion of the land and would the proceeds need to go directly to our mortgage?
1 Answer from Attorneys
There are zoning and subdivision laws that may make the subdivision you propose (the transfer to you daughter) illegal. You will most likely need to do a formal subdivision, going through your local planning authority. I suggest that you take a look at those laws in your city/county to make sure that you are not creating a problem. Additionally, you cannot transfer any of your property that is encumbered by a mortgage without the permission of your lender and a partial release of that mortgage.
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