Hazlet, NJ asked in Land Use & Zoning and Real Estate Law for New Jersey

Q: Determining a fair price for the sale of a piece of my property?

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Join Date: Aug 2018

1 posts

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Out of the blue this week, a contractor approached me about selling a 25 by 260 section of my property in order for him to build a road (my property is currently 100 by 260). He bought a large parcel of land behind my house and is going to build several houses back there and would like to have a road leading out to the one I currently live on (there is a way in and out of his property already). I don't want to be greedy but I've been looking at several factors that I believe makes it worth more than just the book value of the land. Such factors as the diminished size of my lot, no access to my driveway for an extended period of time, dealing with the construction right outside my home, less privacy with houses that will now be behind my house, losing 3/4 of my driveway, not to mention that I'll now have 260 more feet of sidewalk to remove snow from in the winter. It's a northern Monmouth County (Hazlet area).

1 Lawyer Answer
Jay Schmerler
Jay Schmerler
  • Real Estate Law Lawyer
  • Eatontown, NJ
  • Licensed in New Jersey

A: First of all speak with an attorney knowledgeable of land use law. You want to be sure that what land you are left with meets the zoning requirements for your area. In addition, you don't say, but is there a mortgage on your home? You'll have to deal with your Lender for its OK before you can do this. As to value, get an appraisal.

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