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Author Topic: annexation question  (Read 2326 times)

Offline pandino

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annexation question
« on: December 02, 2017, 03:16:16 pm »
OK I'm new here so goes the cliché, "I don't know if I'm posting this in the correct section."  Here's the situation, parents are giving 100s of acres to their kids after division of the property.  The parents recently signed a annexation agreement with the city not to annex for the next several years.  This happened before the land division, what are the implications after the division?  Are there any control issues, selling issues, ownership independence issues?  I started to register with a real estate law forum but if you read the agreement, if you check the box and post something on their site that they say violates the agreement, they can basically sue you for $250 so that scared me a bit.  By the way, the division hasn't taken place yet.

A thing I've noticed about this forum, it looks like it's typical for a post to get several 1000s of views, yet only 10 or so replies.  That's unusual compared to most other forums, what do you think the reason for that is?  I just realized there is probably one or two answers to many questions here, so goes the low number of replies.
« Last Edit: December 03, 2017, 01:50:05 pm by pandino »

Offline mcwagner

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Re: annexation question
« Reply #1 on: December 26, 2017, 11:35:01 am »
The annexation agreement should state what happens if the property transfers (either by sale or gift) and/or if the agreement is assignable.  If the agreement is silent, then presumably the agreement would survive the transfer and the agreement should be assigned to the new owners in the transfer.

But since you are talking 100's of acres, I'd recommend that you hire an attorney.  Cheaper than getting it wrong.
Mark Wagner, CPA, LLC
Certified Public Accountant
http://www.facebook.com/MarkCWagnerCPA

 




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