Q: Land split, legal agreement
My brother and I were jointly gifted 20 acres of land in 2008 by an uncle. We have had the land surveyed and are splitting it into two 10 acre parcels (all of this has been completed) We want to draw up a legal agreement between us that neither party can sell their property outside of our family. i.e. his children or my children inherit/buy the property or they sign a declination of interest. If none of the grandchildren want the land, it can then be agreed upon by both parties to be sold.
I guess my real question is, can we just write up a document, both sign and notarize? Will this be a legal binding document at that point?
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A: You need a competent WI attorney to draft both Deeds with enforceable Restrictive Covenants in the Legal Descriptions. Your possible contract would only be enforceable between the contracting Parties. Covenants Running with the Land are necessary.
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