If my husband and I have a home on 9 acres, how do we separate land from the mortgage and deed 2 acres to our son?
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If my husband and I have a home on 9 acres, how do we separate land from the mortgage and deed 2 acres to our son?
Asked on June 25, 2012 under Real Estate Law, North Carolina
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
So long as there is a recorded mortgage securing the loan on the nine (9) acres of land that you own, you cannot separate any land from the loan based upon what you have written.
Another issue is zoning laws in your community. Most likely there is a minimum size of a parcel and you need to see with your county/city zoning department if you can sub-divide out your nine (9) acre parcel into two separate parcels. One that is seven (7) acres and the other two (2) acres. I suggest that you consult further with a real estate attorney about the matter you are writing about.
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