Posted by Bill H on December 08, 2008 at 17:25:15:
Sit down with a good Texas Real Estate savvy attorney. If you do not know about notes, deeds of trust, financing agreements, ie. the VERY basics of this industry you can/will get badly burned.
Consult an attorney and have it done right the first time.
Good Luck,
Bill H
Selling Vacant Land in Texas - Posted by Greg
Posted by Greg on December 08, 2008 at 06:02:33:
Hello,
I have several 1 acre vacant lots in Texas that I want to sell on eBay. I am going to be financing the lots to my buyers. I am not sure what the best way to do this is, but I have heard deeding the land via a warranty deed, along with a deed of trust to make forclosure simple in the event of a default by the buyer, is a good way to go. The land I am selling is largely inexpensive land, so if a buyer does not keep up with the payments, I would want forclosure to be fast and very cheap. I have also heard that I could record a contract for purchase that specifies the financing agreement. I want to legitimize the sale of the land to my buyers to make them feel secure, thus getting more sales. I just want to know the best way to do this in a legal sense, and in a cost effective sense as well. What is the process to forclose if I do a deed of trust on the property. Also, do I need to do a deed of trust, and a warranty deed at the same time? Any help would be appreicated. Thank you.
Greg
InterstateLandSalesAct viol. here? - Posted by John Merchant, JD
Posted by John Merchant, JD on January 08, 2009 at 12:14:03:
Since you’re planning to sell interestate, via web, ebay, etc. I’d suggest you find and read Interstate Land Sales Act that was enacted a number of years back to deal with interstate land/lot sales like you contemplate.
Your state’ securities division and its lawyers will be aware of any such selling or advertising you might be doing and could tell you quickly if this Fed Law pertains to your activities or not.