Nonuple Closing or How I Learned to Over Complicate Things

[Brian Volland]

Hello fellow BPers,

I find myself in a unique situation that I am hoping someone with more experience will be able to help clarify for me. The short explanation of the situation is that an 8-unit, 2 building property (land and building) is for sale, however, the land is owned by an HOA that lays no claim to it ($0 taxes) and the units were condos and have not had their tax parcels merged (8 parcels not including the land).

I've spoken with the HOA and they've informed me that they lay no claim to the land. Historically the buildings were apartments that turned to condos which are now apartments again. When the buildings were made into apartments again, the county left the common area (the land) in the HOA name.

The seller's realtor has said that the parcel will be split into 2 separate parcels including the land when all is said and done and all in the building owner's name. They have no timeline on when this will be accomplished. 

I want to jump in before all this happens and use it to drive a better bargain. Then I'll have far more time to accomplish this task myself without competing with other investors.

The REAL question is, since the parcels are currently split, would this be simultaneous 9 closings (8 parcels + land)? If so, does that mean 9 individual title searches, insurance, etc. If so, is that not going to drive the closing costs through the roof?