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Old 06-07-2007, 10:12 PM
 
1,291 posts, read 2,883,777 times
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Help! I am planning to write a check in the morning to buy a small parcel of land. Is their a procedure for this sort of thing? I assume I will have to meet the seller at his bank to verify my check, that he will have a clean deed with no liens. What else am I missing?

There is a well and a electric meter that is shut off on the property, nothing else.

So any night owls out there with some savvy advice?
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Old 06-08-2007, 12:17 AM
 
Location: SW MO
1,238 posts, read 4,454,440 times
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It's a little late to be asking questions like this-normally one would have a recent title search to be certain the property is free and clear, a recent survey so you know exactly where the property lines are(please don't assume fences are on property lines!) and a recent water test for the well. Have you seen any of these? I never assume anything, that's a good way to find problems later after the seller has skipped out. I would never just hand over a check to someone in exchange for a deed. If back taxes are owed, you could be held responsible I think. I'm pretty sure there is more paperwork involved, so the county knows who to send the tax assessment to. Please contact a title service in the area for information before handing over your money.
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Old 06-08-2007, 12:26 AM
 
Location: Joplin
2,201 posts, read 2,507,766 times
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I agree w/firebll31. This should have already been done. I own several rentals and Im in the process of buying 3 more in Ozark/Nixa next week. The ducks should have been in a row weeks ago. Saddle up and hold on, because here you go.....
PS, The Title company is your dear dear friend in this deal. They wont steer you wrong.
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Old 06-08-2007, 04:27 PM
 
1,291 posts, read 2,883,777 times
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Thanks for the advice, it played out just as you suggested. I ended up putting some earnest money down while the title search and the rest gets underway. I knew it wouldn't be that easy....I did think to check on the taxes, they are paid up.

Last edited by Inoxkeeper; 06-08-2007 at 04:40 PM..
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Old 06-08-2007, 09:38 PM
 
Location: SW MO
1,238 posts, read 4,454,440 times
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I'm so glad things are working out that way. I've known some people who tried to avoid all the "red tape" and got burned. I never do business with family or friends for the simple fact that if something goes wrong, someone is going to end up mad, and it can ruin a friendship or relationship.
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Old 06-10-2007, 08:28 PM
 
Location: Moved to town. Miss 'my' woods and critters.
25,464 posts, read 13,525,839 times
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I too am happy to hear that you are getting a title search for the property in question. As a Broker/Sales Agent in Gasconade County in Missouri, I really cringed when I first read your post. Buying from a 'for sale by owner' is fine, however there are still many steps to take prior to the transfer of title and you had excellent advise from previous posts. Always go through a Title company or an attorney if not through a real estate company when making such an important transaction. Another thing to watch out for in some parts of Missouri and possibly other states, 'are the mineral rights intact or have they been previously sold to a mining company'. Any liens against the property and/or well or any other improvements? Good luck.
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Old 06-13-2007, 10:13 PM
 
Location: SW Riverside County, Calif.
8 posts, read 23,954 times
Reputation: 10
Default Buying Cold Turkey

[quote=Inoxkeeper;849215]Help! I am planning to write a check in the morning to buy a small parcel of land. Is their a procedure for this sort of thing? I assume I will have to meet the seller at his bank to verify my check, that he will have a clean deed with no liens. What else am I missing?
There is a well and a electric meter that is shut off on the property, nothing else.
*******************
We've been shopping on-line for a while. I can't really speak to MO, But from my experience buying acreage in CA(FSBO deals) I always used a Title Company. Also, there are in MO realtors who are "accredited Buyer representative" and their obligation is to you as buyer. They should know all the questions you need to ask. Also, while my wells in CA have run around 100' for good water, on-line I'm seeing that most in MO are running 300' to 500' You need to find out how deep it is, is it still good after being unused for a while. Wells do collapse! Also is the pump good (they do burn out) and are expensive to replace. I've had to do that twice. Check with the electric company when & how many $$ it'll take to get service restored. Sewage(?) Lagoon?, or septic? If it's a "Lagoon", I'd install a septic system ASAP.
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