Re: OT - Purchasing Property Question

Posted by IA ROY on August 31, 2016 at 15:48:17 from (72.168.160.245):

In Reply to: OT - Purchasing Property Question posted by Bill VA on August 31, 2016 at 14:33:13:

As said before, there will be title insurance which is optional, but worth the price if something might go wrong. Seriously consider having it surveyed. In your part of the world, the original surveys were probably done with inaccurate (by today's standards) measuring equipment. In our state there is an abstract for each property going back to when it was included in a territory before statehood. The abstract is updated each time the property changes hands. The seller is responsible for the abstract update. I am not sure, but I think the buyer was responsible for the survey fee. The current property that I own, I did not have a survey done. Some years later, the farmland owner who's property surrounds mine died and the property was sold. The survey stakes the farm buyers survey had done agreed with the property boundaries that I was told were the lines. That was a relief as I sometimes had an uneasy feeling as to whether they really were as told. There will probably be a recording fee to register the transaction with the county.
A real estate attorney in your area will be able more accurately inform you. Some fees and expenses are negotiable as to whether the buyer or seller pays the fee.

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