I own a lot in Angel Fire,NM. How can I get rid of it and its annual costs?

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I own a lot in Angel Fire,NM. How can I get rid of it and its annual costs?

About 12 years ago I paid 80,000 for a beautiful lot. I cant sell it and wont build on
it. I pay annual real estate taxes and Village dues.

Asked on June 8, 2018 under Real Estate Law, Florida

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

You can't rid of it without someone taking it over from you: the law does not let you simply abandon real estate. It remains your property until and unless someone else becomes owner. All you can do is reduce the price until someone agrees to buy it, or else possibly donate it to some charity (which again would have to agree to accept it)--you may wish to discuss with a CPA or tax preparer about the tax consequences of a charitable donation. Or possibly the town/county/village, etc. will take it a donation or gift.

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

You can't rid of it without someone taking it over from you: the law does not let you simply abandon real estate. It remains your property until and unless someone else becomes owner. All you can do is reduce the price until someone agrees to buy it, or else possibly donate it to some charity (which again would have to agree to accept it)--you may wish to discuss with a CPA or tax preparer about the tax consequences of a charitable donation. Or possibly the town/county/village, etc. will take it a donation or gift.


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