HELP!!!
I am interested in purchasing a property with 2 parcels associated with it. The seller is trying to sell it too me in one lump contract, but the mortgage company wants me to break it out and have two seperate contract in which I am going to have to put down more mony on the vacant land and have two closings. Can someone please tell me how to work this deal. Eventually I want to build on the two parcels. <IMG SRC="images/forum/smilies/icon_confused.gif"> [ Edited by chillis on Date 01/23/2004 ]
Well the previous owner may want to sell in one contract but the property obviously is not on one deed. If you want to use one contract you may have to do the following. I haven't done a loan in Il in four years so I'm a little bit rusty on financing laws in that state. But the current owner would have to have a survey done with all the land included a new deed would have to be assigned, which would include all parcels on that particular deed. Now some catches would be that the current owner may have to go in front of a zoning board or something like. Everything depends on the laws in the area.
Hope this helps
Lori
[addsig]
You mentioned you planned to build on both parcels. It may be better to buy each parcel on a seperate contract. When you want a release of lein on each parcel you will only have to pay off the subject parcel.