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Updated over 3 years ago on . Most recent reply
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Split Title on a commercial Property
Here is my situation; I am looking to purchases a commercial property in Shenandoah, IA. here is the description:SD LOTS 496-504 CRIP W 20' E 45' LOT 6 & PT VAC ST ADJ SW. the tenant occupying the space will be leaving at the end of the month but the seller's niece is only wanting to keep the back half of the property as a hair salon and wants nothing to do with the store front or the apartments upstairs. My question is: Is there a way I can own the front half and the whole upstairs of the commercial property and allow the seller to keep the back half and rent to her niece?
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- Real Estate Professional
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Is this one building? If so, you’d have to convert the buildings into condos, then buy part of it. It wouldn’t likely make sense.
If it is two different buildings, you’d have to go your planning and zoning dept to see if the Parcel could be subdivided. The rear portion would have to have legal access?