If you and your brother want to be co-owners of the property, each owning 50% of the whole property, I can prepare and record such a deed for $150.00. I recommend that you and your brother sign a written agreement regarding how you are going to operate and maintain the property and share the expenses of ownership, such as property taxes, insurance and weed abatement, and how you are going to decide when and to whom to lease it or sell it. I can prepare such an agreement for about $600.00.
If you want to divide the property into two separate pieces and each of you own one, that will depend on the zoning code and other physical conditions of the property and the neighborhood. For example, if the property is zoned one lot per two acres, five acres or ten acres, then you won't be able to split it. Even if one lot per acre or less than an acre is allowed, the presence of public hiking paths, vernal pools, waterways, endangered or threatened plants or animals, and topography each could cause the city or county you are in to deny the application. Such an effort could be expensive and take time, but the increase in the value of the two saleable lots would probably be worth the investment and effort.
If you appreciate this free advice, please remember to refer me to any friends or acquaintances who need a lawyer. Referrals are still our best source of new business.
Do you have a revocable living trust to protect your heirs against probate? Probate takes forever, is expensive, and is annoying. Do your family a favor. Set up a trust, and put all your property, especially any real property, into the trust. Since it is revocable, you can change it, add to it, take property out of it, or even cancel it completely, at any time. We set up such trusts, provide a pour-over will as a back-up for any property that does not make it into the trust, provide you with blank durable powers of attorney for health care and financial decisions, in case you become incapable of making such decisions while still alive, and convey one piece of real property to the trust, usually the family home, for $1500.00. If you would like to hire me to do this, let me know, and I'll send you a list of the information I need.
Dana Sack
Answered on Apr 03rd, 2017 at 9:21 AM