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Hello everyone, I am new to this forum and really new to real estate, which is why I am here to ask some questions to the more experienced. My wife and I recently found some pretty nice property in the country and we would like to purchase it so we can build on it in a few years. Our plan is to pay it off, save a bit, sell our current house and build on the new property. When we bought our house, we used a realtor and everything was taken care of by her. This time we are buying the property from a private seller, and I am a little overwhelmed with everything I need to do. I already got pre-approved for a land loan through a bank, but who handles the transfer? What is usually the process in buying land? FYI I live in South Texas.
Take the deed to a local title company and ask them to handle the transaction. The title company will 'run the title' and give you a 'binder' that sets forth who owns the land, any outstanding liens, back taxes, easements, who owns the minerals, outstanding leases, and if there are any lawsuits pending against the seller and/or the property, among other things. All you need to know.
Example is a person who bought some land, with a pipeline easement that had the right of expansion. By the time the owner got around to building, there were so many pipelines that there was no room to build. Another is land in East Texas where the coal is severed, and the land can become an open pit mine.
The title company will do the deed and note prep, closing documents, prorate the taxes, and handle the final closing. The title company will give you an estimate of closing costs. Be sure to get title insurance. If the title company misses something that comes back to bite you, you are insured, and the lien holder will want a mortgage policy.
All title companies are regulated by the State Insurance Board, fees are very similar. Stewart Title, Lawyers Title are two statewide companies.
Whenever you own your land be sure to visit it very often, check the land and the perimeter to make sure no one is using it in any fashion so that they can claim some possession in the future.
Thank you both for the replies. Restrain, the title company advise was great, thanks.
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