Posted by John Merchant on January 21, 2009 at 18:49:15:
Jamie
My apologies for short snappy answer.
Far too many on this site try to skin by w/o proper precautions and need to be reminded of the many things that can go wrong when buying ANY RE.
Unknown disclosed liens, polluted ground from lead or asbestos, uncertain boundaries, etc., etc. and these are the reasons for experienced help when buying.
So you are indeed wise to get experienced REA to help you with right forms and procedures so you know you’re not being taken to the cleaners.
I live in Pa and wanted to buy the land next to me. The owner moved to Texas and will not be here. I have never bought land before and don’t know how to go about it. Some say I don’t need a lawyer or attorney but how do I know everything is legit and I don’t end up getting screwed in the deal. I know nothing about real estate. She made me an offer which I think is very high so I am going to make her a lower offer. If she accepts, Im not sure where to go after that. I don’t know what the paperwork looks like and I don’t just want to hand her a large check without knowing whats going on. Thanks for your help, Jamie
buying vacant land from a private owner - Posted by John Merchant
Posted by John Merchant on January 21, 2009 at 10:06:58:
First you’ll need a Purchase & Sale Agreement (P&SA)that sets out what you’re doing…what you’re buying, for how much, paid when; and exactly what you’re buying, size, dimensions, structures thereon, etc.
Once thatP&SA is signed by both B & S it’s then taken to a local escrow agent, either an escrow co. or lawyer who does RE Escrows, and it/he/she’ll order a title policy to guarantee you’re getting what’s promised, in what condition, with what debts are thereon, etc.
While this is a fairly simple process, once you’ve done one or two, frankly for the first one I’d recommend you hire a local experienced RE Agent or Broker for a set fee ($250-500) to do it for you, as he/she does this all the time and knows the ropes, the best escrows, etc.
Now it’s true that a local lawyer could also do it, he/she’d probably charge you more and frankly, do you no better a job.
Hello, where would I be able to get a P&SA if I choose to do this myself? Also, would that be all I needed for the sale? Thanks so much for your help! I appreciate everything!
And what about the Deed? - Posted by John Merchant
Posted by John Merchant on January 21, 2009 at 12:48:41:
Well, you could probably go online and find the legal forms you’d need, but without the legal know-how as to how to use them it’d never be something I’d recommend.
Anymore than doing a self appendectomy with online instructions.
In fact the appendectomy might end up hurting you less than the the DIY P&SA and Deed.
Speaking of the deed, that’s the doc that actually conveys legal title so better find one of those at the same time.
Thank you, I think I should just talk to a real estate agent as you suggested. I would rather be safer than sorry. She, Im assuming has the deed. I haven’t even made her a counter offer yet. I was just trying to get as much information as possible before doing that. She’s not going throught a real estate agency or anything. All I know is that she was an ex in-law of my husbands who asked us if we wanted to buy the land first. So I only know her through the family and I heard she can play dirty. I really want the land though and want to be safe about it either way. Thanks so much for your help! Jamie
My apologies for brusqueness - Posted by John Merchant
Posted by John Merchant on January 21, 2009 at 19:01:00:
Jamie
My apologies for short snappy answer.
Far too many try to skin by w/o proper precautions and need to be reminded of the many things that can go wrong when buying ANY RE.
Unknown and/or undisclosed liens, polluted ground from lead or asbestos, uncertain boundaries, etc., etc. and these are the reasons for experienced help when buying.
So you are indeed wise to get experienced REA to help you with right forms and procedures so you know you’re not being taken to the cleaners.