Home Selling in 60914>Question Details

Balzer, Home Seller in 60914

Can you sell half a duplex?

Asked by Balzer, 60914 Tue Nov 24, 2009

I believe that we have one tax ID for a duplex that we own in central Illinois. We are wanting to segment the properties in to two residences to sell one. The reason is that we have enough collateral for one unit (appraised value), thus with the timing in the economy we would like to sell one unit to pay off the loan and avoid further growth in interest payments. We also have good rate of return on 1/2 of the rental property over the last 5 years, however when combined we don't break even due to lack of residency and/or tenants who ultimately cannot pay. I would greatly appreciate any advice you might have on the matter.

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Yeah, good idea, it might work.

We presume that this is a side-by-side duplex. and that the local zoning and land-use regulations allow for this sort of partitioning.

One thing to consider is that this might be an especially difficult property to sell, particularly because it will be difficult to appraise, and right now, Appraisals Rule.

It would also be fabulously useful to have a joint maintenance agreement prepared, especially because you have (at least) a common wall and roof. If you have any other connected services, like water or sewer or electrical, you'll probably want to include those, as well.
0 votes Thank Flag Link Tue Nov 24, 2009

Yes you can sell half a duplex. Each half is considered a separate property that has a separate title and deed.

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0 votes Thank Flag Link Tue Nov 24, 2009
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