Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I've found a perfect little get-a-way on The River, It's two lots and a 2 bedroom Cabin, completely furnished with large storage shed. We are still in the bartering stages...I do want to purchase this, and will be paying cash, I've never purchased property outright before.
My questions are:
How do I make sure the deed is clear, no liens, etc before I pay? I don't want to be a dummy.
1. Your state's real estate contract will probably have very specific language regards free and clear title. If there are lien(s) on the property - it cannot be conveyed properly.
2. Purchase an owner's title policy. It will also protect you in the future if there was a lien that did not appear during the title search. It is a one time fee.
3. Have a real estate attorney review the contract.
4. I would also have an appraisal contingency to make sure that the property is in deed worth what you pay for it.
1. Your state's real estate contract will probably have very specific language regards free and clear title. If there are lien(s) on the property - it cannot be conveyed properly.
2. Purchase an owner's title policy. It will also protect you in the future if there was a lien that did not appear during the title search. It is a one time fee.
3. Have a real estate attorney review the contract.
4. I would also have an appraisal contingency to make sure that the property is in deed worth what you pay for it.
How do I make sure the deed is clear, no liens, etc before I pay? I don't want to be a dummy
Write up a contract. If your smart (not a cheapskate), you will have a local real estate lawyer write it up for you.
Find a closing agent or escrow company.
Give your signed contract to the closing agent. They will take this contract and transcribe it into escrow closing documents for each of you to sign. If there is something you left out of the contract the escrow closing agent will make escrow amendments to correct it and again will prepare a copy for both you and the buyer to sign.
The escrow closing agent will recommend a title company to take care of the title work to look for liens, deed problems, etc.
Now all you have to do is follow the instructions of the escrow closing agent, title company and other professionals that might contact you to assist in closing this transaction.
Your best advice has been the most straightforward: get yourself an experienced real estate attorney to assist you. They can draft a contract with the appropriate contingencies. They can also review the title insurance policy to make sure that you are properly covered. Pay special attention to the "exceptions" which may be noted in the policy (things that they won't cover). Is the cabin in the floodpain? If so, you may want to look into flood insurance. Good luck.
1. Check that you are really getting what you are paying for. Get a survey done if there hasn't been one done already. Check easements, restrictions, codes, liens, all of that. This can be done with a title search.
2. Have a real estate attorney help you draft an offer and contract. You must put contingencies that must be satisfied on the contract before you close the deal. For example if there is no legal access to your property you must have the seller get that access for you and put that your offer is contingent on his/her getting that easement for you.
3. Get title insurance. Like someone said, it is a one time fee. It is not that expensive relative to what you are paying for - peace of mind.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
