Will A Land Trust Accomplish What I Want To Do?
My husband and I own a vacation cottage on a small lot (50 feet wide). When we had the cottage built, we had to obtain a variance to build on the lot because the township ordinances specify that the minimum buildable lot width is 85 feet .
Now we would like to purchase the lot next door (also 50 feet wide) to prevent someone from buying it and building right next to us. We do not plan on selling anytime in the near future, but if/when we do, we would like to be able to sell the cottage and the vacant lot separately. We think we would be able to get a higher price this way.
The township ordinances state "a lot or lots in common ownership shall not be divided, altered or reduced as to make it not in conformance with the minimum requirements of the Ordinance." I take this to mean, because of the 85-foot lot width requirement, if you own two 50-foot lots side by side, you may not sell them separately.
I am concerned that if we buy the lot next door and title it in our names that we will be subject to the ordinance stated above. We are wondering if putting the vacant lot into a land trust with my father as trustee and us as beneficiaries would keep the two properties from being considered in common ownership. What I am thinking is the cottage would be owned by us in the eyes of the law, and the vacant lot would be owned by the trust. Am I thinking clearly or is this not going to work?
Any ideas on what else might work?
[ Edited by bythebigbluewater on Date 06/19/2005 ]
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