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Old 04-25-2011, 08:41 AM
 
Location: Tetons, WY
5,567 posts, read 9,537,215 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, 08:45 AM
 
Location: South Metro Denver for 25 years
8,637 posts, read 19,153,218 times
Reputation: 4347
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, 09:16 AM
 
Location: Tetons, WY
5,567 posts, read 9,537,215 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, 10:29 AM
 
Location: Up above the world so high!
44,880 posts, read 56,368,786 times
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In your situation there is absolutely no need for a realtor!
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Old 04-25-2011, 12:00 PM
Status: "It's 5 o'clock somewhere." (set 5 days ago)
 
Location: Mountain Ranch, CA The heart of Calaveras County
6,136 posts, read 11,468,630 times
Reputation: 4895
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, 04:32 PM
 
Location: Salem, OR
10,956 posts, read 18,687,661 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?

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, 06:37 PM
 
Location: Tetons, WY
5,567 posts, read 9,537,215 times
Reputation: 2620
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, 06:37 PM
 
576 posts, read 765,123 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, 08:26 PM
 
2 posts, read 10,567 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, 08:31 PM
 
Location: Simmering in DFW
6,868 posts, read 9,967,028 times
Reputation: 6598
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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