Hypothetical search for some answers !

kfrancis

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Jan 8, 2002
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:cheeky: Here is the base formulation of the situation.

Let us say we use a 40,000 sq mt tract as the land size

Tract is subdivided in 10 - 4,000 sq mt lots

All 10 lots are presold w/ titles and fees paid.

Lots are in gated subdivision under initial construction.


Two questions in search of answers:

1: Owner of lot # 8 want to sell parcel to new buyer @ plus 10K. Answer here is pretty straight forward I would think, new buyer requires new contracts, etc.

2: This one is the kicker. Owner of lot # 3 want to switch parcels with owner of lot # 7. No money to change hands just these owners like each others parcels better than the one they have just bought. How would this be handled here is the question .

Input and discussion appreciated in advance.

kFrancisco de Cabral
 

DavidZ

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Aug 29, 2005
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Im not a lawyer, but a realtor, so I'll give you my opinion based on Florida law...

1) Current owner sells lot to buyer for whatever they agree upon. Standard sales contract.

2) Both parties could Quitclaim Deed their lot to the other. Or, may be as simple as changing the names on the titles with an affadavit and notary.
 

Ken

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Jan 1, 2002
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kfrancis said:
Perhaps should have been in Legal. But thought hit me while reading the Real Estate section. We will see !

kF

I would suggest posting same questions in the legal section. The attorney who answers questions on this board only looks at questions in the legal section.
 

Tay

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Jun 4, 2006
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As far as question 2...

#7 sells to #3 and vice versa, even though no money changes hands for contract reasons a "figure" would be put on paper. Both will pay transfer tax and new titles will be issued in the name of the new owners.

1 small problem with the whole idea though...40,000m2 and 10 x 4,000m2 lots, what about roads, green area, instituational area??? This project would never get approved!

DR1 Property Center
 

kfrancis

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Jan 8, 2002
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Same answer from Fabio in Legal

Problem was hypothetical. And in that same light here could be your approved development.

Let us make the inital tract of 40,000 sq m. a rectangle ( 400 x 100 )with paved road frontage on one side and ocean frontage on the other side.

The ocean frontage has the required 60 m coastal zone depth thereby adding a " green " space of 24,000 sq m ( 60 x 400 ) to the development at no cost to owners but with some nice " rights ".

Back to the lots. Now each lot is 4000 sq m, ( 40 x 100 ) approximatley an acre, lined up along a paved road.

Fence total acreage with a double wide gate in middle along paved road.

Then run a T-Road from paved road using, say, 20 m just inside fence line.

Water and Elecrtric lines run along this road with individual connections.

The tradeoff, 8,000 sq m for the interior road and utilities for 24,000 sq m ocean frontage. Each lot still has 3200 sq m of primary building land with the additional 2400 sq m of coastal zone land with its restricted building permits. Each owner now has 5600 sq m for their use.

In our hypothetical world we only had to use 20% of purchased land for the infrastucture, got a 37.5% green belt from the government and each lot owner increased his usable acreage by 40 %.

kF