Remainder Parcel
Posted: Fri Jan 06, 2023 1:04 pm
Looking for feedback:
See attachment. Parcel A was created by deed on 2/2/1950. Party 1 owns Parcel A. Party 2 enters into a Purchase Option Agreement (POA) with
Party 1 to purchase Parcel A on 3/3/1986. POA has a term of 40 years.
Tract 1234 records on 1/1/2000 including a portion of Parcel A. Tract 1234 consists of a single lot. The un-hatched portion of Parcel A is designated as a Remainder Parcel.
Does Party 2 still have the right to purchase the cross hatched area under the POA, or does the POA now only apply to the Remainder Parcel portion of Parcel A?
Would the conveyance of the cross hatched area to Party 2 be a violation of the Map Act in 2023? Note, the cross hatched area is not a legally created lot. It is now part of Lot 1 of Tract 1234 and has a new legal description. Would it be a violation of the Map Act for the owner of Tract 1234 to transfer the cross hatched portion of Lot 1 of Tract 1234 to Party 2 by deed via a metes and bounds legal description.
Would a Parcel Map need to be filed to subdivide Tract 1234 into two parcels? One covering the cross hatched area.
Look forward to your views.
See attachment. Parcel A was created by deed on 2/2/1950. Party 1 owns Parcel A. Party 2 enters into a Purchase Option Agreement (POA) with
Party 1 to purchase Parcel A on 3/3/1986. POA has a term of 40 years.
Tract 1234 records on 1/1/2000 including a portion of Parcel A. Tract 1234 consists of a single lot. The un-hatched portion of Parcel A is designated as a Remainder Parcel.
Does Party 2 still have the right to purchase the cross hatched area under the POA, or does the POA now only apply to the Remainder Parcel portion of Parcel A?
Would the conveyance of the cross hatched area to Party 2 be a violation of the Map Act in 2023? Note, the cross hatched area is not a legally created lot. It is now part of Lot 1 of Tract 1234 and has a new legal description. Would it be a violation of the Map Act for the owner of Tract 1234 to transfer the cross hatched portion of Lot 1 of Tract 1234 to Party 2 by deed via a metes and bounds legal description.
Would a Parcel Map need to be filed to subdivide Tract 1234 into two parcels? One covering the cross hatched area.
Look forward to your views.