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Old 04-25-2011, 07:41 AM
 
Location: Tetons, WY
5,585 posts, read 10,426,516 times
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I own about 6 acres in a rural area in Texas and want to buy about 2ac of land next to me. I talked to the landowner and she said she would be willing to sell it without the services of a realtor.

Is this OK? Anything I should watch out for? Can we do this on our own?
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Old 04-25-2011, 07:45 AM
Status: "Chocolate covered strawberries from a happy buyer. TY!" (set 8 days ago)
 
Location: South Metro Denver for 26 years
8,980 posts, read 21,075,665 times
Reputation: 4817
Sure. Who is drawing up the contract? An attorney? What about a survey? What about title insurance? Taxes?
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Old 04-25-2011, 08:16 AM
 
Location: Tetons, WY
5,585 posts, read 10,426,516 times
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I got a rough estimate of the boundaries, but will have a land surveyor redo it. Other than the contract and title insurance, what else do I need to take care of? Thanks!
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Old 04-25-2011, 09:29 AM
 
Location: Up above the world so high!
45,269 posts, read 62,731,252 times
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In your situation there is absolutely no need for a realtor!
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Old 04-25-2011, 11:00 AM
 
Location: Mountain Ranch, CA The heart of Calaveras County
6,475 posts, read 13,021,178 times
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Quote:
Originally Posted by TexasNick View Post
I own about 6 acres in a rural area in Texas and want to buy about 2ac of land next to me. I talked to the landowner and she said she would be willing to sell it without the services of a realtor.

Is this OK? Anything I should watch out for? Can we do this on our own?
Heck yeah you can do it on your own.
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Old 04-25-2011, 03:32 PM
 
Location: Salem, OR
11,711 posts, read 21,410,622 times
Reputation: 7909
Quote:
Originally Posted by TexasNick View Post
I own about 6 acres in a rural area in Texas and want to buy about 2ac of land next to me. I talked to the landowner and she said she would be willing to sell it without the services of a realtor.

Is this OK? Anything I should watch out for? Can we do this on our own?

Yes you can do this on your own. If the properties are adjacent to each other we call that a lot line adjustment and it isn't a big deal. I'd hire an attorney to do the contract, get the survey, and call it good.
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Old 04-25-2011, 05:37 PM
 
Location: Tetons, WY
5,585 posts, read 10,426,516 times
Reputation: 2652
Quote:
Originally Posted by Silverfall View Post
Yes you can do this on your own. If the properties are adjacent to each other we call that a lot line adjustment and it isn't a big deal. I'd hire an attorney to do the contract, get the survey, and call it good.
Thanks everyone!
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Old 04-25-2011, 05:37 PM
 
576 posts, read 894,540 times
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Quote:
Originally Posted by TexasNick View Post
I own about 6 acres in a rural area in Texas and want to buy about 2ac of land next to me. I talked to the landowner and she said she would be willing to sell it without the services of a realtor.

Is this OK? Anything I should watch out for? Can we do this on our own?
Depending on how the property was classified (i.e. agriculture, residential, etc.) you should check about rollback taxes on it. Speak to the local tax office to see what you need to do for that. Also if you plan to try claiming an Ag exemption you might need to re-survey yours and that property, and add it to yours. Again talk to the local taxing office.

And to answer your original question no you don't need an agent and might not even need an Attorney.
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Old 04-25-2011, 07:26 PM
 
2 posts, read 12,877 times
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Quote:
Originally Posted by jbiggs View Post
Depending on how the property was classified (i.e. agriculture, residential, etc.) you should check about rollback taxes on it. Speak to the local tax office to see what you need to do for that. Also if you plan to try claiming an Ag exemption you might need to re-survey yours and that property, and add it to yours. Again talk to the local taxing office.

And to answer your original question no you don't need an agent and might not even need an Attorney.

I'm in a similar situation. Buying a couple of rural lots in Arizona from a family member so I'm not worried about getting cheated or anything. Paying cash. Should I get a realtor or lawyer or pay for those forms packs they have online? I don't even think I need to do title insurance or any of that cause he already did it when he bought it about 5 years ago. I can't seem to find a step by step guide anywhere.
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Old 04-25-2011, 07:31 PM
 
Location: Simmering in DFW
6,936 posts, read 11,981,401 times
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Quote:
Originally Posted by pinzon View Post
I'm in a similar situation. Buying a couple of rural lots in Arizona from a family member so I'm not worried about getting cheated or anything. Paying cash. Should I get a realtor or lawyer or pay for those forms packs they have online? I don't even think I need to do title insurance or any of that cause he already did it when he bought it about 5 years ago. I can't seem to find a step by step guide anywhere.
You can just have the title company do the closing w/o buying title insurance; you can get an abstract for less than $100. The whole thing should cost about $300-400. You can phone them and ask.
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