Per chance there might be someone here who has experienced what I want to undertake, so before I seek legal counsel and pay out the wazoo for it, I'd like to pose a question here in hopes someone may have already "been there, done that."
I have an opportunity to purchase a home and property directly next door to my current residence. I've been considering building a new home in recent years, but I enjoy my present location as it is (although my house is very small).
What I would like to do is purchase the property next door and then tear down the house (which is in dire need of repair and remodeling), and also tear down my present house, and then merge both properties in to one and build a much larger home on the property.
What legal procedure do I need to go through, after the purchase of the property next door to mine, in order for for the property to be recognized as a single piece of property instead of two? How do I go about merging both properties as one so I'm not taxed for two properties?
Per chance there might be someone here who has experienced what I want to undertake, so before I seek legal counsel and pay out the wazoo for it, I'd like to pose a question here in hopes someone may have already "been there, done that."
I have an opportunity to purchase a home and property directly next door to my current residence. I've been considering building a new home in recent years, but I enjoy my present location as it is (although my house is very small).
What I would like to do is purchase the property next door and then tear down the house (which is in dire need of repair and remodeling), and also tear down my present house, and then merge both properties in to one and build a much larger home on the property.
What legal procedure do I need to go through, after the purchase of the property next door to mine, in order for for the property to be recognized as a single piece of property instead of two? How do I go about merging both properties as one so I'm not taxed for two properties?
Dante you are probably on the right forum. With all of the merging, defining and explaining of the trinity and oneness some one on here should be able to tell you how to merge the "two" into one, don't you think? JUST KIDDING all you die hards!
Been Thinkin
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Been there, done that. But most likely, local laws are different in different places, and there may be deed restrictions to deal with. We did it all through the county tax office, I think. You might start there.
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Dante you are probably on the right forum. With all of the merging, defining and explaining of the trinity and oneness some one on here should be able to tell you how to merge the "two" into one, don't you think? JUST KIDDING all you die hards!
Been Thinkin
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I am considering buying a few acres next to my home and I will have to discover how to do this myself. When the time comes the office where I pay my property taxes will be my first stop.
We did this last year when we bought the 22 acres behind us to add to the farm. We simply had the entire 'new' (that is both peices) property resurveyed and then presented the new survey to the tax office. They then updated the property in the county records and reappraised it in it's entirety for tax purposes.
Now if you are going to take a loan out for the additional property and you have a loan for the current property you will have to decide whether to merge the debt by paying out your old loan and refinanacing the property you are on now with the new property for a single payment. Otherwise if you have a lein holder on only half or seperate lein holders on each I do not believe that you can merge them, if that makes sense.
This was in Texas but seems like it might apply anywhere.
Last edited by Titus2woman; 12-12-2011 at 03:22 PM.
Very common sense answers. Thanks! I will start at the county tax offices.
+Dante
I'm an Insurance Agent and I deal with property, commercial and residential. Like others have mentioned, the first place I would start is your local County/City Assessor’s office.
Laws do vary from State/City/County, but good answers will come from those who work directly in the Government.
The next place I would contact would be a Title Company.
Per chance there might be someone here who has experienced what I want to undertake, so before I seek legal counsel and pay out the wazoo for it, I'd like to pose a question here in hopes someone may have already "been there, done that."
I have an opportunity to purchase a home and property directly next door to my current residence. I've been considering building a new home in recent years, but I enjoy my present location as it is (although my house is very small).
What I would like to do is purchase the property next door and then tear down the house (which is in dire need of repair and remodeling), and also tear down my present house, and then merge both properties in to one and build a much larger home on the property.
What legal procedure do I need to go through, after the purchase of the property next door to mine, in order for for the property to be recognized as a single piece of property instead of two? How do I go about merging both properties as one so I'm not taxed for two properties?
Quote:
Originally Posted by NotforSale
I'm an Insurance Agent and I deal with property, commercial and residential. Like others have mentioned, the first place I would start is your local County/City Assessor’s office.
Laws do vary from State/City/County, but good answers will come from those who work directly in the Government.
The next place I would contact would be a Title Company.
Good luck!
NFS gives some good advise here. I would like to add, you should examine the zoning in your city/county to see what the procedure will be. They will approve it with much less less hassle if you contact them in advance. It would also be a good idea to contact your councilman/alderman - especially if you know him.
Your taxes on the new house will likely be higher than the two older structures - but that is not avoidable.
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