translatearm…, Home Buyer in Los Angeles, CA

I owned a duplex in Los Angles with my mother. How do I split it? Who can help? How much would that cost me approximately?

Asked by translatearmenian, Los Angeles, CA Mon Dec 2, 2013

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Most probably you can't split it. And even if you can, selling only half of the property will diminish it's value and your share value. I would recommend to sell it as a duplex and split the proceeds with your mom. Then help hew buy a new place. Best of luck!
Web Reference: http://talisrealestate.com
0 votes Thank Flag Link Mon Dec 2, 2013
You are going to need a real estate attorney to help you through all of the loops and redtape.

Alex Greer
Loan Officer
NMLS #1056079
http://www.TheMortgageOutlet.com

408-352-5147
AGreer@TheMortgageOutlet.com
0 votes Thank Flag Link Mon Dec 2, 2013
TIC's are more suited to sophisticated investors and you could get in trouble for trying to circumvent the Subdivision Map Act when dealing with residential property. You could split the units with a condo map, but that’s probably out of reach also. It could cost well over $100,000 with no guarantee of success. The best thing to do might be just to leave it alone. If you need a place for your mother to stay and you need money you could write her a lease, adjust the price and sell it while still guaranteeing her a place to stay.

J.R. Thrasher
http://www.SanDiegoRealEstateVeterans.com
619-929-0105
0 votes Thank Flag Link Mon Dec 2, 2013
If you are talking about selling off one of the units, you could TIC it although I don't know if that is something that is normally done in your area. If you are asking if you can separate into 2 separate units, extremely unlikely you will be able to do that. If you give us more information on what you mean by split, we can offer better advice.
Best Regards,



Lance R. King - Founder/Managing Broker
King Realty Group

DRE # 01384425
415.722.5549 - Cell
lance@king-realtygroup.com
0 votes Thank Flag Link Mon Dec 2, 2013
I am assuming you are talking about selling one half. Duplexes are not zoned to be split. So what you want to do is not possible. If you are interested in selling your portion of the interest and your mother keeping her portion you could need to talk with a title company and Real Estate Attorney. You can ask them about Tenants in Common. The cost involved may include refinancing. A lender may not allow a Tenant in Common ownership. Even it is possible you would need someone who is skilled at setting up a tenant in common or also known as TIC.
0 votes Thank Flag Link Mon Dec 2, 2013
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