Selling land by owner questions

[The Crippler]

Well in all of our situations it has been that easy. But we have clear title to all of our land so it was no big deal. Granted everybody's situation is different, but in all of our experiences it was a relatively easy process.

I examine titles for Oil and Gas title opinions and for our title company on a daily basis and I have yet to see a parcel of land with "clear title". I'm not ragging on you, but to try and simplify real estate conveyances to this level may give others reading this thread unrealistic expectations. I'm sure that your experiences were fine and it sounds like you have been successful in real estate transactions in the past, I just would hate for someone reading this to push the easy button on a real estate purchase/sale and get stuck.

[westtexducks]

I examine titles for Oil and Gas title opinions and for our title company on a daily basis and I have yet to see a parcel of land with "clear title". I'm not ragging on you, but to try and simplify real estate conveyances to this level may give others reading this thread unrealistic expectations. I'm sure that your experiences were fine and it sounds like you have been successful in real estate transactions in the past, I just would hate for someone reading this to push the easy button on a real estate purchase/sale and get stuck.

You have a good point it is not as easy as pushing the easy button granted, but with a little effort it can be done smoothly with out an attorney. By the way you are about to receive a PM.

[The Crippler]

[QUOTE=westtexducks;5098402]You have a good point it is not as easy as pushing the easy button granted, but with a little effort it can be done smoothly with out an attorney.QUOTE]

Agreed

[Green]

The buyer's lender will provide a list of conditions that must be met including providing clear title, valid survey, recent appraisal, validation of condition of any improvements, etc. once you go under contract. A title company can help you and the buyer prepare the contract. Good luck with your sale.

[The Crippler]

Sorry this got a little off topic...OP, you don't need an agent or an attorney. If a buyer sees your sign and wants to buy, you either get a contract or you do a cash sale if the buyer doesn't want a title policy. If he does want a title policy, the title company will require a TREC contract. The buyer will probably provide you with a contract; unless there are some addendums or weird clauses, you should be able to figure out the terms and either agree or change what you don't like. When you and the buyer reach an agreement you can both live with, the contract will go to the title company who, if title and financing look ok to them, will then issue a title policy basically insuring the buyer's purchase. Then you will close the transaction and recieve the purchase price less any expenses you may have agreed to in the contract.

That's about as simple as I could get it...if you do want professional assistance, my experience is that having an attorney to review the contract and prepare any paperwork is generally less expensive than paying a commission to a real estate agent.

[Huntindad]

Crippler & west texas ducks gave some entertaining info. Good info, but was fun to watch it unfold.

Glen, one other thing that may happen is the buyer may get their own Realtor to rep them. they will expect you to pay for it... sellers expense. any where from 1 to 3 percent of sale price.

remember IT IS ALL NEGOTIABLE.

[glen]

If they want a realtor they can pay for it. I'm not in a bind or hurry

[austinmike]

how much

[The Crippler]

remember IT IS ALL NEGOTIABLE.

very true...

By the way, westtexducks is good people, we may be working together soon!

Sent from my HTC Wildfire S using Tapatalk

[Tbar]

Title insurance...........???


Tbar

[Mister Bubba's bulletman]

Glen,

One thing that will help.

As a listing broker I ask that my clients require a letter presented with any offer, from a lender, stating the prospective buyer has the goods to go through with the deal.

That right there cuts out 99 percent of the tire kickers. Why waste your time and mine showing to someone who can't buy. I ain't driving miles to show something to someone who thinks he wandering around in the dairy section at Wally World.

Title Policy.

I've had Travis County come after me to pay a mechanic's lien on one of my houses from years before I owned it. After an hour on the phone with them trying to explain to them they were wrong I gave up and took the letter to Gracy Title who does all my title work and turned it over to them. A week later the county called an apologized.

Most title companies keep better records/filing systems and staff than the counties themselves.

Get the title policy if just for the piece of mind. That's a negotiable item in a contract. Make the buyer pay for it if possible.

Vicky Wilhelm at Gracy Title is one of the best and has closed most of my deals over the past 15 years.

If you get a serious buyer PM me. Happy to guide you through it.

[The Crippler]

Always always always get a title policy if you are the buyer. Seller just needs a Special Warranty Deed to be comfortable. Sometimes.

[SMUMan02]

The title policy is a must, but be careful how much you rely on the title company. When you walk away from that table at closing, they will have a lock up air tight get out of jail free card and any mistakes they make--except in regards to title--are your problem.

[Mister Bubba's bulletman]

Always always always get a title policy if you are the buyer.

Yep. Or Seller. I can't afford a problem. Ever.

You'd be surprised how much blood a good attorney can squeeze out of your turnips when he finds out you didn't disclose say maybe...

......AN EASMENT grandpa gave away sometime in the past that you forgot to disclose to the buyer.

There are a thousand things that can go wrong after the sale.

A Real Estate broker's number one job is to keep you out of court after the sale by doing things right up front.

[The Crippler]

Yep. Or Seller. I can't afford a problem. Ever.

You'd be surprised how much blood a good attorney can squeeze out of your turnips when he finds out you didn't disclose say maybe...

......AN EASMENT grandpa gave away sometime in the past that you forgot to disclose to the buyer.

There are a thousand things that can go wrong after the sale.

A Real Estate broker's number one job is to keep you out of court after the sale by doing things right up front.

Exactly. I'm sure you noticed my qualifier "sometimes".