Q: Lot B is subdivided from lot A. Later it's discovered that one side of B overlaps with A. Who gets the consideration?
A:
There are lots of facts missing here and you need to consult a lawyer. The issue of "who gets the consideration" is down the line.
First, it sounds like there were errors in the subdivision plan and in the legal descriptions for the two new pieces. Someone is going to have to pay to have new plans and legal descriptions done and to go back to the municipality to get a new approval. As part of that process, you need to verify that all zoning requirements, such as setbacks, are met in the new configuration. New deeds are going to have to be done so that the erroneous acreage can be given back. You will thus also need a new legal description for the erroneous piece to be given back. If the Recorder of Deeds refuses to accept this as a "correction," transfer tax may be assessed again.
The purchase price may be controlled by the Agreement of Sale. If the price is calculated by acreage,or if there was a representation of land content, the price likely should now be rateably adjusted. On the other hand, if the price was just "for Tract 'B'," irrespective of land content,and there was no representation of land content, it is arguable that there should be no adjustment of purchase price.
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