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Pmt, Home Seller in Neosho County, KS

selling vacant lot in cash transaction. Is escrow needed?

Asked by Pmt, Neosho County, KS Mon May 2, 2011

Selling a lot for a home site in cash transaction. The lot is unimproved land in a small development containing 8 other homes. I am hiring a title company for the Title Insurance, deed preparation. I wrote my own sales agreement. I am in the seller. The buyer and seller with split fees 50/50 except buyer will pay for filing the deed. The taxes for the current year will be prorated. Do I need an escrow agent, or can I handle the transaction myself since it is for cash? I will be asked for $1000 deposit. The entire land cost is about $11500.

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Very short answer: is it required? No. Should you have one? Probably. Should a buyer want an escrow agent? Definitely. Unless you're an attorney, you probably shouldn't write your own sales agreement. It's the things you might not think of, but should, that could ultimately be the problem-causers for the seller or the buyer. Possibly not, but why chance it?
0 votes Thank Flag Link Mon May 2, 2011
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