Splitting a deed question.

NY State, Schenectady Co.
I (and citibank) have two adjoining lots, mortgaged under one deed. The
town/county bills them separately, under separate lot #s and at separate
tax rates ( one lot has year-round home, the other as a seasonal residence)

I wish to sell off the secondary lot. Thanks to an inflated R/E market the
proceeds of the sale would pay off my mortgage completely.

What are the steps I need to be aware of to split the deed, And can I
do this myself. Assume I am an experienced technical writer/proof reader.

Thanks in advance
Mike D

You now own two legally seperate tax parcels, originally conveyed to you on one deed? The mortgage covers both properties.

Simply identify to the title insurance company which of the two properties you are selling. Make certain they know it is "Lot X " ONLY, and not both properties shown on your vesting deed. Each one has a seperate legal description. The title insurance and deed will only show the one legal description, and, as you will be paying off the mortgage when you sell, you don't even need to bother arranging a "partial release" of the mortgage.

followup: Splitting a deed

Thanks nextwife. I was under the impression I would need to
file separate deeds (Split the deed) for the two lots prior to selling.

If the sale price come in 10k less than the mortgage payoff, and I bring
in a lender for the 10k, does this change the scenario?

I've bought property, but never sold.

If your original deed has two parcels, and you are now selling ONE, you simply convey one of the two. You then still own whatever is NOT deeded out. The act of deeding out IS a way of "splitting" the deed. The lots are ALREADY split, as they are seperate legal descriptions, based upon your first post.

If you may be unable to pay off the loan in full, contact your current lender and see it they will agree to a partial release (releasing ONLY the sold property from the loan), and how much you would need to pay them to accomplish this..

followup: Splitting a deed

Thanks again nextwife.
I was under the impression that I would have to "split the deed" by filing two
separate deeds with the county (and CC:ing the mortgage co) prior to
being able to negotiate a sale.

How would this hasten or hinder a sale?

Mike D.. ( Thanks Again )

mpdsville1 said:

Thanks again nextwife.
I was under the impression that I would have to "split the deed" by filing two
separate deeds with the county (and CC:ing the mortgage co) prior to
being able to negotiate a sale.

How would this hasten or hinder a sale?

Mike D.. ( Thanks Again )

Click to expand...

How would what hinder sale?

And, again, NO, you already were deeded the properties. You said it has it's own key number. It IS a legally seperate parcel! You are just making this more complicated.

other problems with selling parcel that isunder deed with another one

I have read the previous responses about how you can just sell one parcel if it has a seperate tax number seperate legal description and seperate apn# or land number but, I purchased two parcels under one deed and they meet the previous criteria but for some reason I am having problems with the title company. They are telling me that eventhough the parcels are taxed , described and numbered individually they are not recorded as seperate parcels. I spoke with the Assessors office and the planning division and they tell me that they are two seperate parcels. The title company states that based on the 1972 subdivision act in california I have to have the parcels subdivided but the Assessor's office told me the parcels were seperated before the subdivision act. The title company refuses to see if this is correct. They just keep saying that the parcels are not recorded apart. The planning division told me they would go back as far as they can but some transactions are too old. I apologize for the poor structure of my post. I look forward to your response. Also , the previous owner stands behind their claim that they are two parcels.