Q: Can a residential property have separate owners for the land versus the buildings?
if i have a house in a typical ownership and want to get some of the equity now by selling the land and putting the house into a land lease deal, like in commercial or condo property, can i do that here in Colorado?
A: It is possible to alienate parts of a fee simple property in Colorado. What you are proposing is complex and you will need to contact a real estate attorney. Some basic issues are: (1) zoning; (2) financing from a lender (especially difficult if you have an existing mortgage); (3) drafting an agreement to limited ownership; and (4) finding a buyer (most buyers and their lenders will not accept limited ownership).
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