Expert: Dick Dennis - 7/18/2006

Question
Sorry if I said it wrong but, what I mean is I'm not trying to sell the property to my partner but my partner and I would both like to sell a portion of the property. We own 25acres, 12.5 each, and would like to sell a portion of it, lets say 2.5 acres to someone else not each other. How would we do this? Thanks.
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Followup To

Question -
my question is i own a property with someone else and would like to sell a portion of it for some extra cash. We have 25acres, 12.5 each and I would like to sell 2.5 acres. Is there any way to do that? Thankss.

Answer -
You create a new warranty deed by stating on it that Perry Sandhu and Partner hereby deed XYZ property to Perry Sandhu as to 40% interest, and Partner, as to 60% interest. Check the existing warranty deed for the exact wording.

When the new warranty deed is recorded, Partner gives Perry Sandhu an amount equal to 10% of the value of the property, in cash. Simple as all that.

Remember, you are selling 10% of the property to your partner. He no longer owns 50%. He now owns 60%. Therefore, you own 40%.

I do wish you well.

Dick Dennis          dixiedee13@aol.com

Answer
You still have to do a lot split, Perry. Only this time, you do one that splits off the two and a half acres you want to sell. Then you put the property up for sale and good luck. If you have a buyer already, then make sure he pays the costs of completing the lot split.

Go to the county seat or city hall and find out the best way of doing it. Better yet, consult with a local REAL ESTATE attorney to make sure it is done according to laws.

I do wish you well.

Dick Dennis