If I bought an empty lot and built a house, do I need to make any changes to my deed?
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If I bought an empty lot and built a house, do I need to make any changes to my deed?
I bought an empty lot in NJ and paid a builder to construct a house on it. Do I need to change anything on the deed to reflect that there’s now a house on the lot?
Asked on August 1, 2011 New Jersey
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
You do not need to make any changes to your deed to the empty lot just because you placed a home upon it. The deed to the property merely reflects the legal description of the land itself.
Assuming the home was built with proper approved permits and receive a certificate of occupation, the city or county tax assessor will re-assess the improved property for property tax assessment purposes. Your property tax invoices will now increase in all likelihood because the empty lot is no longer empty, it has been improved with a structure upon it.
Assuming you sell the lot in the future, the written purchase contract that you enter into with any buyer will reflect that there is a home on the lot with reference to the lot's assessor parcel number.
Nothing more is required of you as to the lot's legal description.
Good question.
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
You do not need to make any changes to your deed to the empty lot just because you placed a home upon it. The deed to the property merely reflects the legal description of the land itself.
Assuming the home was built with proper approved permits and receive a certificate of occupation, the city or county tax assessor will re-assess the improved property for property tax assessment purposes. Your property tax invoices will now increase in all likelihood because the empty lot is no longer empty, it has been improved with a structure upon it.
Assuming you sell the lot in the future, the written purchase contract that you enter into with any buyer will reflect that there is a home on the lot with reference to the lot's assessor parcel number.
Nothing more is required of you as to the lot's legal description.
Good question.
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