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I live about 2 hrs away from some wooded hunting land that I am in the process of buying/under contract (quiet title should be completed by end of month by the local superior court) then we go to closing.
I have had an interest in the adjacent wooded lot which is about 18.6 acres and owned by the aging widow owner who lives a few towns away. That adjacent lot has sat unused since her late husbanc last hunted it several years ago.
I recently reached out to her to express my interest to buy and she and today she called me back agreeing to see and accepted my offer.
I'm a little perplexed as to how I should proceed as I've never purchased property without use of a real estate agent but she has agreed to my suggestion for me to find a real estate attorney, get a survey done and obtain title insurance.
Am I missing something or is there a specific order I should take in this purchase?
Should I just contact the real estate attorney and they handle everything but the survey (I already have a land surveyor that I used on the first property)?
It should be relatively simple for a real estate attorney to handle the paperwork. Did she simply agree to your verbal offer, or do you have a written contract? If your "agreement" isn't in written form yet, you should spell out who pays for the survey and title insurance (or split the costs) and other closing costs, which should be minimal. Perhaps she is the one who needs an attorney as much as you do. As long as you both agree to a fair price, that's the biggest consideration. Since you mention that she is elderly, does she know the actual value of the property?
I made her an offer and after discussion with her family members she called me back to accept the offer.
She requested that I pay closing cost and because I feel it is a good price, I agreed to pay for title insurance and survey also.
We did not do a written contract just a verbal agreement on phone. I told her I would use a real estate attorney that has a great reputation in that area ( who is also closing for the first property I'm buying). She agreed to this. She is in no way senile but mentally very sound and handles all of her own affairs; just has some physical health problems...arthritis.
Well the contracts are signed, title search in progress and I'm getting title insurance. Without any glitches, should close within a few weeks.
Thanks for your responses
Well the contracts are signed, title search in progress and I'm getting title insurance. Without any glitches, should close within a few weeks.
Thanks for your responses
Thanks for the update. Hopefully your closing will go smoothly.
Closing done; all went well.
Now I'm wanting to do the same process for the neighboring vacant 5 acre lot that has an trailer home on it.
It seems like no one has lived in it for years as the front yard is over grown.
If I can get this property at a reasonable price, I would get rid of the trailer home and clear up the lot to use a base camp to hunt from.
Closing done; all went well.
Now I'm wanting to do the same process for the neighboring vacant 5 acre lot that has an trailer home on it.
It seems like no one has lived in it for years as the front yard is over grown.
If I can get this property at a reasonable price, I would get rid of the trailer home and clear up the lot to use a base camp to hunt from.
It sounds like your closing was a nice Christmas present.
For the 5-acre lot, you may want to condition your offer on having them remove the trailer prior to close. That could save you the hassle of having to remove it. Of course, if you think that you could possibly sell it, that could factor into your decision--however, they are usually difficult to sell.
Closing done; all went well.
Now I'm wanting to do the same process for the neighboring vacant 5 acre lot that has an trailer home on it.
It seems like no one has lived in it for years as the front yard is over grown.
If I can get this property at a reasonable price, I would get rid of the trailer home and clear up the lot to use a base camp to hunt from.
Make sure you find out whether the trailer has become an improvement to the land or whether it's titled like a vehicle. If titled, you'll want to see the title and verify that the owner of the trailer is the same person as the owner of the land that you are buying.
Call the real estate attorney and a local broker, sometimes you can negotiate the broker down to a flat fee to do the paperwork as they don't have to market for a buyer. It may be cheaper than paying an attorney and they know the paperwork just as well.
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