Reply to Legal recourse over below market home sale?

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[quote=Anonymous][quote=Anonymous]With respect to control over property that one sells: Will vary by state law but must be in writing--like a restrictive covenant.

Imagine living in a home with a great view. You buy the lot directly in front of your home to protect the view. Then you need money, but still want the view.

A restriction in writing that states that only a structure of a certain height can be built of the lot and any structure above a certain height can only be built on a certain part of the lot (which minimizes interference with the view).

Presumably, the buyer will pay a lower price on the lot due to the restrictions.

Everything needs to be in writing.[/quote]

I actually almost bought a two acres lot in the Hamptons with those restrictions. The prior owner sold to guy to right and guy behind a deed restriction that no house above one story could ever be built. It also had an underground stream in front with another restriction. In the end only 60x100 was buildable on the two acres. Still could have been great.

But selling air rights devalued property.  [/quote]

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