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Land severance

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  • Jan 21st, 2021 9:43 pm
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Deal Addict
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Sep 9, 2007
2153 posts
225 upvotes
Toronto

Land severance

Does anyone know what happens with the title and the mortgage of the property being severed? Does it remain as is with one of the lots keeping same address or does the creditor need to approve severance?
1 reply
Deal Addict
Nov 16, 2011
1535 posts
1256 upvotes
Hamilton
Has to be cleared with the municipality and the lender.

You are impacting on the value of the property which impacts on the mortgage.

Value of the property as a whole may be ie $500,000 but the value of 1 part of the parcel may only be $250.000 so they have a vested interest and a say in the process.

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