Real Estate Deal Questions

[LauraleesFarm]

We are looking at a larger piece of property. The property has been handed down for probably 100 years or more in the lady's family. Supposedly, there is 96 acres on one side of the road, and another 37 with the house on the other side of the road.

I am going to assume that it has not been surveyed anytime, probably ever. Seller refuses to pay for a survey. Realtor says that it is usual for buyer to pay for the survey. OKAY>>>>well>>>>>

When I looked at it on Google Earth, it appears that the 96 acre piece seems smallish and the 37 acre piece seems larger than it should be. So we did some calculating. Google Earth has a "ruler" that you can measure land with. No matter which way we measure it, the big piece is not any bigger than about 73-75 acres tops. But the other side may measure as large as 50 acres if the boundaries are where we think they are on the map (this small piece does not have clear boundaries, but the larger piece has a definite fence and borders the road on 2 sides.)

SO. Since I am not real experienced with real estate deals......tell me about my responsibilities and risk pertaining to the SURVEY. Obviously it needs one. If I pay for a survey, and the big piece is only 73 acres, then what? Can she back out after I pay to have a survey done?

Considering that the land has been in her family all this time, could they have originally been told it was 96 acres but in fact it was not? We really like the place but are not sure how to proceed. We are worried that we will have the survey done and she will back out that affects the price. By the same token we don't want to pay for more than we are getting.

Any advice you can offer is appreciated.

 

[cow pollinater]

You need to ask a realtor in Texas as it varies from state to state but here in CA you can make an offer contingent on just about anything to give yourself an out.
If the property were in CA I'd make an offer contingent on lot line adjustment and appraisal. That way if it's not as big as it's supposed to be or not worth what they're asking you can walk away.

 

[P & H cattle]

I would get a real-estate lawyer to guide you.

Or,
Make a per acre offer for the total number of acres as surveyed.
You pay for the survey.
Say, something like $5,000 (?) per acre as determined by a legally recorded survey.

Fence lines mover over many years, so be sure YOUR surveyor advises YOU if there is any adverse possession going on which could cost you acreage you will be paying for and not getting.

From here on it could get a little sticky to cure any disputes, so as I said get a real-estate lawyer to guide you.
Pete

 

[Red Bull Breeder]

If you really like the place offer what you think its worth.

 

[kenny thomas]

What does the deed state as to the acres? If the total acres match up does it really matter? A survey will be pretty expensive and if you are content in the total acres maybe its not worth the survey.
That said I do like to have a survey when buying.
NRCS has a website that I have used that gives a pretty accurate measurement. I can't seem to get it to copy and paste. Can someone help?

 

[kenny thomas]

http://soildatamart.nrcs.usda.gov/Default.aspx
There it is. It also gives you the soil type and with that you can figure how things will grow if managed properly.

 

[P & H cattle]

Here is a site that may be of more help to you.


http://www.laborlawtalk.com/forumdispla ... 47e8044c8a

 

[LauraleesFarm]

kenny,
how do i use that website? can't seem to find anything with a map?

 

[kenny thomas]

Sorry wrong link. Try this one. When it opens there will be a green button that says "start WSS". Click on it and follow instructions.
http://websoilsurvey.nrcs.usda.gov/app/HomePage.htm

 

[tater74]

Our place was supposed to be 93.64 acres. Had been in the family since the early 30's. We offered a "per acre" price with an upper limit based on the acreage. When the survey came back (approx $1,300) it was a little under 90 acres. We ended up paying less because the original survey included the public road.

I have always paid for the survey when buying property. It is cheap insurance when you are making a purchase this size.

Good luck.

 

[denvermartinfarms]

We got in A deal like this once, the place was supposed to be 100 acres and the county said it was only 82, we bought it anyway because it bordered us and we were really just buying it for what it was. The seller would have not taken any less if we would of had it surveyed and proved what was there anyway. So it may really just matter how well you like it and if you still think it is a good enough deal possibly not being as much land.

 

[Jogeephus]

Buy a gps unit and go out and get them to show you the corners and take a point at each one. Calculate the acres and deduct the road ROW. If the acreage is more, keep your mouth shut. If its significantly less then see if the owner will sell it based on a per acre price based on a survey and you spring for the survey on the condition if they back out after learning the truth they are liable to reimburse you for the cost of the survey.

 

[stocky]

Are you interested in both sides of the road, or just the larger parcel. The county recorder's office and the county planning and zoning office, if you have planning and zoning, will both have maps with acreages listed on them. Most lenders require a survey before they will loan on land. If you are paying cash, there would be no survey required. You can measure yourself with the sites given in other posts. A survey may tell you that the corners and line fences are not where people think they are. You can offer so much per acre based on survey results, or a total amount for the piece of property. Unless the owner is in need of selling quickly, they may not be too concerned about your concerns, so in many cases, if you like the property, you just have to buy it before someone else does. I think you can get real close to the acreage with any of these methods. If you are afraid the owner will back out, offer a total amount of money that you are willing to spend, keeping in mind your measurements, and get a contract so they cannot back out. Best of luck

 

[cowboy43]

Paying cash- no survey required or title search required.
Loan survey- required and title search.
Attorney will strongly advise survey and title search.
The smart thing to do, survey and title search.

 

[James T]

We are looking at a larger piece of property. The property has been handed down for probably 100 years or more in the lady's family. Supposedly, there is 96 acres on one side of the road, and another 37 with the house on the other side of the road.

I am going to assume that it has not been surveyed anytime, probably ever. Seller refuses to pay for a survey. Realtor says that it is usual for buyer to pay for the survey. OKAY>>>>well>>>>>

When I looked at it on Google Earth, it appears that the 96 acre piece seems smallish and the 37 acre piece seems larger than it should be. So we did some calculating. Google Earth has a "ruler" that you can measure land with. No matter which way we measure it, the big piece is not any bigger than about 73-75 acres tops. But the other side may measure as large as 50 acres if the boundaries are where we think they are on the map (this small piece does not have clear boundaries, but the larger piece has a definite fence and borders the road on 2 sides.)

SO. Since I am not real experienced with real estate deals......tell me about my responsibilities and risk pertaining to the SURVEY. Obviously it needs one. If I pay for a survey, and the big piece is only 73 acres, then what? Can she back out after I pay to have a survey done?

Considering that the land has been in her family all this time, could they have originally been told it was 96 acres but in fact it was not? We really like the place but are not sure how to proceed. We are worried that we will have the survey done and she will back out that affects the price. By the same token we don't want to pay for more than we are getting.

Any advice you can offer is appreciated.

Ask your Realtor to obtain the plat for the land. If no plat exists then there still has to be a property description which can be found at the County Clerks office. The property description will include the 'metes and bounds" which will give you something to go by. Get yourself one of those measuring devices with the wheel, then using the metes and bounds, walk the boundaries, write down the distances and then do the math to figure total acreage.

The buyer usually pays for a survey and the seller usually pays for the title insurance policy.

 

[TexasBred]

Never buy acreage without a survey. In Texas the seller normally pays for the survey but if you want the place bad enough and this is the only holdup I'd gladly pay for it to ensure the proper acreage. It could affect the price in the end and it might blow the deal up. Regardless someone will eventually have to have it done especially if there is any 3rd party financing involved. Seller should also pay for title policy, tax certificates, pro-ration of taxes and other miscellaneous fees such as recording fees.

 

[john250]

Never buy acreage without a survey. In Texas the seller normally pays for the survey but if you want the place bad enough and this is the only holdup I'd gladly pay for it to ensure the proper acreage. It could affect the price in the end and it might blow the deal up. Regardless someone will eventually have to have it done especially if there is any 3rd party financing involved. Seller should also pay for title policy, tax certificates, pro-ration of taxes and other miscellaneous fees such as recording fees.

This is the best advice.