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Beginners Board
What's the easiest way to buy land?
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<blockquote data-quote="Jogeephus" data-source="post: 746578" data-attributes="member: 4362"><p>Yeah, you could really be in for some heart break if it doesn't have a clear title. I recently bought some property that had 3 liens on it but I didn't know what the outstanding balances were until my attorney was putting together the release forms from the lien holders. Imagine my surprise when the purchase price would only pay off two of the lien holders and the third was still short about $30,000. I thought the deal was blown but the fella I was buying it from put up some more clean property for collateral which pacified the 3rd mortage and we were able to close. (just another problem with those easy credit rules)</p><p></p><p>As for surveying the land, I'll split this with the seller if my own survey shows the deeds are short. Otherwise I don't press the issue and use the deed description.</p></blockquote><p></p>
[QUOTE="Jogeephus, post: 746578, member: 4362"] Yeah, you could really be in for some heart break if it doesn't have a clear title. I recently bought some property that had 3 liens on it but I didn't know what the outstanding balances were until my attorney was putting together the release forms from the lien holders. Imagine my surprise when the purchase price would only pay off two of the lien holders and the third was still short about $30,000. I thought the deal was blown but the fella I was buying it from put up some more clean property for collateral which pacified the 3rd mortage and we were able to close. (just another problem with those easy credit rules) As for surveying the land, I'll split this with the seller if my own survey shows the deeds are short. Otherwise I don't press the issue and use the deed description. [/QUOTE]
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What's the easiest way to buy land?
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