Splitting raw land
Hello Everyone,
I have a couple of questions in regards to some real estate that I purchased 2.5 years ago. First a little background...I bought about 25 acres of farmland adjacent to some lake property that is family owned. It was purchased with seller financing at 10% down and a 5% annual interest rate. I have since paid it down to where I'm at about a 45% equity position.
The land itself is about 22 acres tillable split by a line of trees / brush (about 10 acres and 12 acres pieces). It's all currently as a single parcel of land.
I'm interested in selling the 12 acre part of it so that I can free up the money for another real estate adventure (I want to keep the 10 acres for a future home site). The land is located in north eastern Indiana.
So for my questions...how would I got about getting the land split? I have talked to the people I purchased the land from, they are okay with me splitting the land and selling part of it as long as they are paid back in full when the sale happens.
Who would I contact to get it split? Would it need to be surveyed? Or could a previous survey be used? Cost to do something like this? I'm also wondering the best way to market 12 acres of land for sale...as it's pretty small for farmland.
Any feedback would be greatly appreciated!! If anymore information is needed, please let me know!
-Andy