1 Duplex sale, 2 Separate Tax ID #'s, 2 mortgages or 1?
Here's my situation:
1 signed contract with duplex seller. 2 tax folio ID numbers. My lender just informed me that it will have to be 2 separate mtg. applications, closings (plus fees and closing costs)
The title company said it is up the mortgage company how they want to process it. I feel "ripped off" especially by the appraiser...who will be doubling his already over-inflated appraisal cost (475).
Has anyone else had a situation like this? Any advice?
Thanks
Dawizzy
I am currently in the process of getting 2 mortgages. They called the duplex a "Twin House" property type because of the 2 different tax folio ID numbers. some of the fees will be split (taxes, doc stamps) or reduced for each unit, and others will be doubled. The good news is I can sell each side separately, so I'm sure it will be ok in the long run. Now I'm wondering who owns the dividing wall?