How do you know the seller owns the land, mineral and water rights you are buying? That is called the Title search which the closing attorney does.
NC is a Caveat Emptor state or Buyer beware. The Seller is under NO OBLIGATION to tell you the truth.
The Few thousand Dollars you THINK you are saving, by not using a Realtor and an Attorney Could cost you 10s of thouands if not more
Good Luck and BE CAREFUL
We use attornies for closings in North Carolina.
You should hire a real estate attorney to handle your end. He will guide you through the due diligence and documentation needed and will look out for you.
Your attorney can write the sales agreement, do the title work, order the title insurance policy, order the survey, check on any water, mineral, or timber rights, road access, etc, etc.
Easy stuff for a good real estate attorney, and you can expect to have a good outcome.
Yes there is a legal description - it is actually two separate 2.5 acre parcels. I do not believe that it is part of any larger parcel. This land was subdivided by the current owners (original 10 acre area- north 5 sold off in the 1990s).
Sorry but I am going to need to have everything pretty plain as I don't know very much....So....(correct me if I am wrong anywhere)...I will hire a real estate attorney to draw up a Sale Contract with the seller for the agreed on price....Then I hire a title company and they will get Title Insurance (and set up a survey?) then once all the research is done we do a closing where the seller signs the deed over and they as well as the title company are paid.......
So....will I need to have water rights etc written in to the Sale Contract? What all should be stated in the Sales Contract?
Seller has to disclose nothing, just can not lie, to comply with the law.
Get a real estate attorney. If he says you don't need a survey and an environmental analysis, (He won't) fire him and get another attorney.
Hope this helps.