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Started By
Message
Looking to buy a lot tomorrow need advice!
Posted on 3/26/14 at 9:02 pm
Posted on 3/26/14 at 9:02 pm
So I just found residential lot that I intend to purchase tomorrow cash from an individual. He said that he'll contact a guy that he uses to sell land tomorrow and let me know when they are ready. This is my first time doing this. What is the usual process? A lawyer writes up a contract, I hand over a cashier check, and then head to the courthouse with a deed? I need advice on what I'm supposed to be doing.
3
Posted on 3/26/14 at 9:03 pm to man117
Wat
Posted on 3/26/14 at 9:03 pm to man117
You need title insurance.
Posted on 3/26/14 at 9:09 pm to man117
Pull a purchase agreement of the Greater Baton Rouge realtor site.
You, as buyer, have the choice of where to close. Make sure there is a title opinion given by an attorney.
The title company will order a title history(abstract). The attorney will review and make sure the title is clear. If there are any liens, mortgages, or judgment against the property, the attorney will pay them out of the proceeds of the sale.
Then the title company will record the sale at the clerk of court.
You, as buyer, have the choice of where to close. Make sure there is a title opinion given by an attorney.
The title company will order a title history(abstract). The attorney will review and make sure the title is clear. If there are any liens, mortgages, or judgment against the property, the attorney will pay them out of the proceeds of the sale.
Then the title company will record the sale at the clerk of court.
Posted on 3/26/14 at 9:09 pm to HailToTheChiz
quote:
Wat
I'm not sure what the "wat" is for. I'm going to talk to my mortgage guy tomorrow to get his input. I've been researching the home buying process but not land. I didn't think I could afford a lot where I plan to build and this popped up so I'm getting it. I'm just asking for some pointers here.
Posted on 3/26/14 at 9:24 pm to NEWBIE
Thanks Newbie. I'll call my mortgage guy 1st thing in the morning. I think he does title's in house. I'll check some other places as well.
Posted on 3/27/14 at 5:25 am to man117
Clear title, recent survey, flood data, perk test, appraisal.
Posted on 3/27/14 at 10:02 am to man117
you need to get with a title company asap. also i would make sure the value is good on the lot before you purchase.
Posted on 3/27/14 at 9:13 pm to hawkeye007
quote:
also i would make sure the value is good on the lot before you purchase.
What I was thinking. Ran some comps in the area.
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