Splitting land while under contract?

Question

I acquired a property under contract with a second lot in the back. The owner of the backyard home behind that lot has shown interest in purchasing part of that extension.
Is there any way to do the following basically at one time? To split off that piece of the land to the new owner and assign the remaining property and home to someone else via wholesale assignment?
Now let me say it is a double lot. We would not be leaving the remaining home with no backyard etc. It is just all trees now and unusable unless someone wants to clear it out, which the neighbor wants to do.

Is there a creative solution to close and fund the whole deal, then maybe in the 48 hour period, annex the land and sell to the new neighbor and then close with the wholesaler for the house?

Thanks

Wayne Brooks · Answer

@Mitchell Billman If it is Already a separately platted lot, with a different tax I’d number…..no problem, just write a different contract for each property.  If it is currently all One property, this will never work. It takes months to separate/split the lots, even if it qualifies to be split.

Bryant Brislin · Answer

@Mitchell Billman lot splits can take a long time to do, but it depends on so many different things.  You have to talk to the city or county (whatever jurisdiction it's in) to their planning department and ask them about that process.  Something like that usually needs to be a whole-tale, where you are closing on it (with your own or someone else's money) since that can take time, and then do the sales/flip once you're done with the process.