Do you have an oversize lot, or more than one lot? Many homeowners do.
To landowners’ dismay, two lots can become one lot if zoning laws change, to increase the minimum lot size in your town or city. Many people view that extra lot as a nest egg that could be sold for retirement or used as a safety net in hard times.
How to protect your nest egg?
- If lots are held by one owner, they may be combined for zoning purposes into one lot if minimum lot sizes are increased;
- Consider planning ahead by splitting them into separate ownership. Separately owned lots are afforded “grandfather rights” if zoning should change.
The Massachusetts zoning laws are exceedingly complex. The statutes are confusing, they have been interpreted differently by judges in different circumstances, and local by-laws vary. If in doubt, consult experienced real estate counsel.