What to consider when selling a condo to neighbor

By Linda Goodspeed, Correspondent
 |  Wicked Local

Q: We are considering the possibility of privately selling our condominium apartment to the owner next door to us who plans to combine our two units. What advice do you have for this kind of unusual transaction? We would, of course, engage our attorney early in the transaction.

A: Most of the advice and due diligence in this type of transaction lies with your neighbor.  As the buyer, your neighbor, at the very least, needs to review the condo documents to make sure such a combination of two units is indeed allowable and feasible.

As the seller in a private transaction such as this, you have already mentioned the first important step you need to do: hire an experienced real estate attorney at the very beginning of the process. Your neighbor should hire his/her own attorney.

Determining the price for your unit is

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What not to say to your neighbor when approaching them about buying their home

My wife and I have the perfect home for our family of two boys, ages 10 and 12, but I know we can’t age in place in our multilevel 1950s brick ranch with stairs all over the place. I’d like to write these neighbors a tactful letter indicating my interest in buying their home. I would buy it privately, should they want to sell, based on three appraisals. I’d pay for one, they’d pay for the second, we’d share the cost of the third and then we would transact at the midpoint.

My intention would be to either rent the home, tear it down or make it into our family home. Should I move forward with this plan? And if you think it’s a good plan, what should I include in this letter?

A: Nice idea. Buy your neighbor’s house, tear it down and put up your “forever” house.

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