Q: Determining a fair price for the sale of a piece of my property?
Join Date: Aug 2018
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).
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.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.