Property Q&A in 86409>Question Details

Robin, Other/Just Looking in 86409

I have 16 1/2 acres with a mobile. I want to subdivide and sell part of it to payoff the mortgage. Can I?

Asked by Robin, 86409 Wed Jun 17, 2009

subdivide with a lien on the property?

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This is an interesting question with a lot of variables. If your property is zoned as such that you can subdivide, hire a surveyor but don't record your new "splits" yet. Then you will have a "survey" and legal description that you can try to sell a portion of your property. You must clear enough cash at closing to pay off your lien holder before they will release your property, then you can record your new survey at the same time.

If your property is not zoned for smaller lots then you will have to apply for a rezone from the county and go through that process first. Once county approved then hire a surveyor and continue as suggested above.

It is possible that your lien holder would agree to release part of your property to sell if you can prove the value of your lien with less property. However, that is hard to do in today's market. They may also consider a "pay down" on your lien in exchange for releasing some acreage.

So yes, you can subdivide and sell off a portion of your property as long as you satisfy your lien holder or make an agreement with them ahead of time. Please let me know if you have any other questions. Thanks for the great question! Amy Kleefisch 928-303-1088 AmySellsKingman@gmail.com
0 votes Thank Flag Link Wed Jun 17, 2009
Yes, and maybe not....but where there is a will there is a way. If your note is a privately held, you may be able to call the noteholder and ask if they would consider a partial release agreement, allowing you to sell off parcels, and pay down the note at a predetermined figure. If your noteholder wont do a partial release, then whatever portion you FIRST split off AND sell, will need to satisfy the entire loan balance. ALso- be sure you check in to the AZ subdivision laws to ensure your splits are in compliance. Best of luck to you!
0 votes Thank Flag Link Wed Jun 17, 2009
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