My neighbor wants to buy part of my property. How much should I charge him? Should it be per square foot?
Answers:
Ask any Real Estate broker for his or her opinion. You must check with the county assessor or zoning dept. to see if you can even sell off the property in the quantity you desire. You also may have to warranty other issues ie easements.
You should not let your neighbor use the property at all unless you have a contract for example for rent of 1$ a year and he must carry liability insurance. If you let him use the property for a long period without a contract of rent he can claim the property ownership over a time under the adverse possession law. Talk to a Real Estate professional, they can at least give an opinion simply as a courtesy.
Other answers:
You should do it thorugh your town for tax purposes, gte the land assesed to see how much it's worth. ven if you do have a good relationship with your neighbor you should do it officially to avoid land disputes between furture homeowners that may live in either home.
You should do it thorugh your town for tax purposes, gte the land assesed to see how much it's worth. ven if you do have a good relationship with your neighbor you should do it officially to avoid land disputes between furture homeowners that may live in either home.
Get an idea what the land inQuestion is worth. Decide whether you want to charge your neighbor top price.. Maybe there is something that you want, that they can get/give you? Maybee a week somewhere in the camper? Best to satisisfy this between you two.. You can work out details that are not subject to income tax.(i.e Barter)
Good luck, and please be open to compromise--ths ends up in both of you benefitting.
Good Luck.