Home Buying in 27539>Question Details

Mesaviewer, Home Buyer in 27539

I am buying 5 acres with cash from the land owner and would like to know what steps I need to take to do this - is it cash for deed? Any specifics?

Asked by Mesaviewer, 27539 Sun Nov 27, 2011

We are conducting this transaction without realtors or representatives - I just want to be prepared and know what documents and/or guarantees the seller should provide. It is unimproved land without utilities. Should they provide the survey or do I need to get it surveyed? Will I obtain specific documents signed by the seller stating water and/or mineral rights? Is there anything I haven't mentioned that I need to consider?

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A land deal for cash is pretty easy, but I would still get an attorney to draw up the contract and make sure there is a clear title.
0 votes Thank Flag Link Sat Jan 5, 2013
Contact a Real Estate attorney to do the closing for you two

Good luck

Tom
0 votes Thank Flag Link Thu Apr 19, 2012
contact me via email so i can explain more to you .... carllosfego@gmail.com or call me on 315-791-7139
0 votes Thank Flag Link Thu Apr 19, 2012
No offence this why you should use a Buyers Agent Realtor to look out for your best interests. and an Attorney to close the deal.

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
0 votes Thank Flag Link Fri Dec 2, 2011
If you're looking at a larger piece of land without utilities, I'm assuming you'll need a septic system. Has a perk test been done?
0 votes Thank Flag Link Sun Nov 27, 2011
Mesa,

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.
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0 votes Thank Flag Link Sun Nov 27, 2011
Thank you very much for your help so far!
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?

Thanks!!!
0 votes Thank Flag Link Sun Nov 27, 2011
make sure you get title insurance and a survey along with anything else that is necessary in your area. An attorney to look over the docs sounds like a good idea too.
0 votes Thank Flag Link Sun Nov 27, 2011
You are in a Caveat Emptor state.
Buyer beware.
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.
0 votes Thank Flag Link Sun Nov 27, 2011
I would get an attorney to represent you....Is the 5 acres a part of a larger parcel, do you have a legal description. Yes it needs to be surveyed, who pays is negotiable. You also will want to have title insurance on the property, else you may be purchasing someone elses lien to the property...you also need to have the deed recorded...all of which the attorney can do for you!

Hope this helps.
0 votes Thank Flag Link Sun Nov 27, 2011
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