Neighbor is offering to purchase part of my lot to extend his fence. Is it advisable to sell or enter in easement?
Which is better option? If we decided to sell, how can we determine value of the piece of land?
2 attorney answers
Fully agree with Atty. Kraft. There are many things to consider, impacts on zoning being first. A sale would affect lot size; an easement would not, but an easement could impact other dimensional zoning issues. Clarifying liability and insurance responsibility would be a must. And, btw, an easement can cost money too - it does not have to be a no-money alternative to a sale. Lesser price, yes, but the easement still has value.
I'd explore further why more fence and your property is needed to meet his needs.
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Your question requires much more information to answer. This is best handled in consultation with a real estate attorney. Among the various issues - a reduction in your lot size might create a non-conforming lot under your zoning by law which may have an immediate impact or unforeseen impacts in the future should you desire to increase the size of or change the shape of your home. If an easement, there may be potential liability if someone is injured on the easement. What is the consideration being paid? Why does he need or desire to extend the fence? Could he instead offer to pay you to install a fence and would that solve whatever problem he is having? How will the conveyance or easement affect the future marketability of your property? If you have a mortgage on your property, will your lender consent to whichever option you choose?
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