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We may agree on the phone verbally on a price for a tract of raw land in another state tomorrow... We are dickering some but really close to an agreed price.
We want to pay cash but need a few weeks to pull the $ together.
Once we agree on a price what is the usually practice in a case like this??
deposit??contract??earnest $, fees??title protection??
We are comfortable with zoning, water, perking, restrictions(none)
What else should we check??
Get it all in writing. A verbal agreement is worth the paper it is written upon.
If you are not working with a Realtor, which by your questions I would guess you are not, then please hire a real estate attorney to help protect your interests.
NEVER place the deposit in the name of the seller. It should be made to a title company or other escrow agent who is bound by the law in regard to handling and distribution should your deal fall through.
We may agree on the phone verbally on a price for a tract of raw land in another state tomorrow... We are dickering some but really close to an agreed price.
We want to pay cash but need a few weeks to pull the $ together.
Once we agree on a price what is the usually practice in a case like this??
deposit??contract??earnest $, fees??title protection??
We are comfortable with zoning, water, perking, restrictions(none)
What else should we check??
How about a WRITTEN CONTRACT. As Yogi Berra once said... "A verbal contract isn't worth the paper it's written on'.
If you don't put it in writing IMMEDIATELY you are just begging for a disaster.
meet at a title company. Let the other guy give his version of the deal to the EO. If it jives, you're done. The preliminary report will determine the insurability of the Title.
make him provide an owner's title policy, then split other settlement fees. You don't need a lawyer. But a lot depends on how business is conducted in your State.
Yes...we have explored every bit of the property...
We are about to become land owners and I have to say it
feels so much better than stocks ever did.
Kelly237
-) You did have this tract appraised right?
-) You have a provision in the Contract that requires the Title Company to provide you with a copy of the Title Binder/Exclusions for review a couple of days before closing too?
-) And, a survey which certifies that the legal decription matches the contract and the deed you're going to get.
-) And you do have insured ingress & egress?
-) And you have asked for a Municipal Cerificate to make sure that there are no improvement or utility liens?
-) And, you have personally confirmed with the governing authority that this is a 'Buildable Parcel' including water supply, sewer service, electricity etc.
I could go on . . . . . .
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Buying vacant land . . . .
