Can I handle a simple land closing without an attorney

Ignoramus28647 fired this volley in news:LZedndGXUayb6uPOnZ2dnUVZ snipped-for-privacy@giganews.com:

The only reason one might want one for that sort of transaction is to verify clear title to the property. That should be done by title search, anyway, and doesn't require an attorney; and you should avail yourself of that process.

I've bought lots of parcels over the years with nothing but a typed-up contract and a check. YMMV, but it's always worked out for me.

The title thing, though, is crucial. You MIGHT find out that some other lender or owner has interest in then property.

LLoyd

On 5/22/2014 5:23 PM, Lloyd E. Sponenburgh wrote: ...

Particularly since it's been thru foreclosure and who knows what past checkered-history financially the previous parties have been thru?

Title insurance likely is a good bet on this one, too, I'd think.

Maybe a tax professional. Sometimes, subtle changes in the wording can dramatically affect how far the taxing authorities can get into your pants. I'd also be VERY wary of cheap auction property. Good deals get snapped up long before they're available to you. Would be sad to find that it's a toxic waste dump or is adjacent to one and can't be developed.

"Ignoramus28647" wrote in message news:LZedndGXUayb6uPOnZ2dnUVZ snipped-for-privacy@giganews.com...

I hired a lawyer who bungled the allocation of prepaid property taxes.

If the bank hears you asking all the right questions they may handle everything properly themselves.

Yes, like an easement or right-of-way.

More important words:

That's a good point on a site in an industrial zone...be hell to find out the previous owners only used it to empty those drums of reclaimed transformer oil full of PCBs... :)

There was a Phase I done on this property in 2007.

This land always was used as agricultural.

``The surrounding properties do not visually appear to pose an environmental concern to the subject sites''

They also did not find any hazardous materials, or evidence of past use thereof.

Well heck, it's only $30,000, why have an expert in the law look over all the legalese in the contract? Can we get the cashier at the super market to do your next salvage job? Get a lawyer! You got a deal, protect it. Mikek

Ignoramus28647 fired this volley in news:NuidnTjLq8vfFOPOnZ2dnUVZ snipped-for-privacy@giganews.com:

Actually -- since the bank is the seller, ask them to enter language into the contract that no liens, encumbrances, or hidden liabilities like environmental violations are on the property, and that they will cure them if so. That takes care of the title issue.

If they're comfortable with doing that, then you should be, too.

LLoyd

ESPECIALLY in commercial land, you want title insurance that protects you from a superfund site or other catastrophic hidden "defect". Unless you know the history of the land, there could be nasty problems that the previous owners hoped to bury.

Also, check for easements. There might be a high-pressure gas pipeline or other easement that reduces the value of the land.

I don't think a lawyer really would be much use in fairly typical transactions.

Jon

Is the bank willing to have soil tests to preclude you from getting involved in a multi-million dollar SuperFund cleanup suit? Perhaps

-talk- to an attorney about it, even if you're not hiring one. Also find out about utility setup costs for gas/electric/sewer/water/phone.

Googlin' it, there sure are a lot of lakes around that area!

In Arizona, you don't need a lawyer. You hire a title company. I don't see any need for a lawyer. The title company provides title insurance.

Who owns the water and mineral rights? I knew a guy that bought a large farm in Utah but didn't know the previous owner sold the water rights to someone else. Have you walked on this land and talked to the local people?

These people should know.

...

So was this instead of the new truck or in addition, Iggy??? :)

(Inquiring minds and all that... :)

In the boat/ship business it is called a Certificate of Non-encumbrance" and is a part of every boat/ship sale. The bank would likely understand about that.

I will go check, but I would be very surprised if 1) water and mineral rights are applicable an 2) that they are sold to anyone else.

I came to agree with all the smart people here who said -- based on solid reasoning -- that I do not need a newer truck.

There is no way to verify clear title; just measures to attempt same. That is exactly why title insurance exists, to CYA where a "submarine" attack happens. My long-time friend and personal attorney handles dozens of such cases a year, usually the long, complex ones.

The simplest attack to explain is likely this:

Two owners back, John Smith died and left his property to his two kids, to be split equally. 20 years later, Mary shows up, says John was her father, too, but she didn't know until her dying mother told her about the one-night stand. Mary now wants her share. You own the older son's half of the estate. Now what?