learning about buying land.

Brent Zappe · Oct 30, 2016

With in these past months I have been learning on buying another home in a small town. I thought I had a place this month but it appears that the people who live there had a business. They tried to keep it going but when it failed they Home stead there property. What they did not know is that there where loans that where not paid which than became apart of the estate property when they went to sell it. Which means that if I did not find this out I would not have a clear title on this property. So yes I am still looking for another house. I wanted to be in Bishop ca. Or Benton Ca. Why because there are farmers there and I am in tractors a great hobby for me to do. Thanks Brent

dpendzic · Oct 30, 2016

you should always get a title search on any land you intend to buy----not only for leans but for right of ways and easements

Brent Zappe · Oct 30, 2016

I have learned that relator do not always look and till you get serious on buying a place. Which means I have learned some thing this time.

ss55 · Oct 30, 2016

A realtor's only job is to get a purchase offer signed and then close the deal. They often work with properties that have many many many problems. Buyer beware.

Glen SW Wi · Oct 30, 2016

Demand title INSURANCE. Not too expensive and guarantees your title.

DGinVT · Oct 30, 2016

IF you are serious about buying, hire a GOOD land experienced attorney and go back at least 50 years or more. There can be many things in earlier deeds that have not been brought forward and may still apply. Also check the banks in the area to see if the property has any outstanding notes. Don't trust the title search to anyone except an attorney who is well versed in your area.

Brent Zappe · Oct 30, 2016

Thank you I have found this out just this last week. It is not like a car sales men he has to make all his sales legal and give a clear title of sale to the buyer. If he does not than he is held for that sale by the law of Department of motor vehicles.

rrlund · Oct 30, 2016

Yep,I had to use it twice. First time,a parcel had a piece excepted out when they moved the road. I knew it was out,but the deed that was filed didn't show it. Second time,the buildings had been split off,the realtor wrote the description and started at the wrong point of beginning so the buildings were on the land that I bought after the buildings were sold.

John T Country Lawyer · Oct 30, 2016

As a past Real Estate Broker, Attorney who represented real estate clients, and one who bought and sold several farms, I can speak from experience when I say BUYER BEWARE. Here are a few of the available tools to determine the quality of title.

1) You can pay for and obtain an "Attorneys Opinion" as to quality if title

2) You can pay for and obtain an Abstracters Title Search by a professional who searches all the records at the courthouse and
recorders office and does a Lien Search and UCC Filing lien search

3) You can buy an Owners Title Insurance Policy

CAUTION many realtors and many lay persons and many inexperienced non professionals DO NOT REALIZE OR UNDERSTAND the significance and importance of BOTH the Schedule A and Schedule B EXEMPTIONS listed on the Title Insurance Policy SO READ AND BEWARE

With such a huge investment and huge risk you just might want to consider the use of a local competent trained professional versus lay persons advice alone, its your money and your risk however, do as you please.

John T Attorney at Law

Dick2 · Oct 30, 2016

I've found liens on property dating back to the mid-1920's and still on file at the court house; the liens had never been satisfied.

coshoo · Oct 30, 2016

Probably better to get title insurance than to ask an attorney to search the title. Title companies have a little file for each parcel in the county, and add copies of each new document that affects that parcel as they come up. So they have a complete record of all transactions, judgments, etc. that affect each parcel, and they aren't "starting from scratch" like an attorney would. Also, you get insurance that protects you if they miss something. Of course, you can always sue the attorney for malpractice, but that gets messy. And expensive.

And the kicker is, if the purchase falls through, you can cancel the title policy for 50 bucks, so that's all you're out.

JMS/.MN · Oct 30, 2016

In "90 I bought an adjoining 137 acres of barre land, with 3 acre homesite out of it. Went to the attorney"s office for closing, and READ the contract. Had I signed it, I would have bought the 3 acre site with mobile home, not the bare land. He had the descriptions bass ackwards! Waited an hour for his sec"y to correct it. Imagine the future headache should I sell my land in the future.

As executor in closing my Mom"s home sale, a house in town, the description read...from point A, go 300 feet, blah,blah, blah. I learned enough about surveying in the Special Forces Engineer course to see the mistake. I said 300 feet from point A is a CIRCLE! You need an azimuth reading...a direction. Surveyor"s mistake in writing the description...realtor didn"t catch it, I didn"t sign it until it was re-done. Each case, we"re paying the "experts".

CenTex Farmall · Oct 30, 2016

In Texas, I believe they will let anyone who can barely scribble an "X" for a signature have a Realtor's license. You should read some of the descriptions in ads and see the photos they take.
Sometimes I swear they must be playing a prank on their clients.

Geo-TH,In · Oct 30, 2016

Brent Zappe,
Always ask for a final walk through inspection just hours before closing.

My boy just closed on a new house, he did an walk through and discovered the people who moved the seller took $2600 worth appliances that were to be left in house per purchase agreement

He was glad he did a walk through.

Always close using a title company.

Brent Zappe · Oct 30, 2016

WOW thank you for the scare. I still have to be out of my house by December. Still trying to figure out where my tractors are going to be stored. I might be living in a fifth wheel trailer in a R.V. park feeling like a city slicker. I just hope I find some thing soon.

Pair-a-dice farm · Oct 31, 2016

I'm sure that real estate laws vary considerably by state. We found this out on Arkansas' adverse possession laws. I never use a realtor. The last 4 or 5 transactions that I've had, I simply used the title company. It helps that it's owned by a real estate lawyer. The title company is much cheaper. If you use a lawyer make sure that they are a real estate lawyer. As others say always get title insurance. I've not bought that many homes but a good home inspector might be good if you can't do it yourself.

learning about buying land.

Brent Zappe

Member

dpendzic

Well-known Member

Brent Zappe

Member

ss55

Well-known Member

Glen SW Wi

Member

DGinVT

Member

Brent Zappe

Member

rrlund

Well-known Member

John T Country Lawyer

Member

Dick2

Well-known Member

coshoo

Well-known Member

JMS/.MN

Well-known Member

CenTex Farmall

Well-known Member

Geo-TH,In

Well-known Member

Brent Zappe

Member

Pair-a-dice farm

Well-known Member

Similar threads