If 3 separate parties each own parcels of land that are connected to each other and someone wants to purchase all 3 parcels for1 price, how are the profits split ?
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If 3 separate parties each own parcels of land that are connected to each other and someone wants to purchase all 3 parcels for1 price, how are the profits split ?
Are the divided equally or by percentage of land size?
Asked on December 29, 2011 under Real Estate Law, Missouri
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
The best way to resolve your question is that the buyer of the three parcels in one escrow sets forth the total purchase price for all three properties. Within the purchase price there should be a specific dollar allocation for the purchase of each of the three properties so there is no misunderstanding as to the sales price of each of the three parcels and their purchase price.
As to associated costs as to the three parcels (assuming the sellers pay a portion), the costs should be allocated percentage wise as to the total purchase price of all three parcels at once.
I suggest that a real estate attorney be first consulted to assist in the final purchase contract of the three parcels so that there is no confusion as to allocation of the net sales price of the three parcels being sold by three separate owners.
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