Speaking as the seller here. No land contract, a simple you give me $X and you now own the land. No realtor hired. I’m assuming the following
Attorney fees to draw up the deed, purchase agreement, etc.
Any property taxes due
Filing fees
Anything else the seller would have to pay?
You probably do not need an attorney if there is an existing deed which is transferred. In many states you’ll pay a ‘property transfer tax’ and ‘title search fee’. Your county will have the relevant list.
When my aunt sold us her vacant land we had no attorney, just followed the instructions for title transfer. They do dun you for a lot of useless crap though.
There is a warranty deed already in existence. I know you are not a lawyer and you do not give legal advice but are you saying we may be able to just transfer it and not have to rewrite it?
I think we walked into the county building with a quit claim deed. It cost 15$ to file? From what I understand a quit claim had zero protection for the buyer so don’t go this route with a stranger. It’s a good way to run a con where you quit claim your interest in properties you don’t own.
All I can tell you is in California in 1985 this happened; we were purchasing from a relative we trusted, so if we screwed up in some way it would have been easy to straighten out. We did not rewrite the deed but the county required all deed transfers to have a title search, meaning that some company is paid to find out if my aunt really owned that land.
You can refer to the previous deed to write the new deed. There are a few catch-phrases you’ll need, and you must include where the references are filed in the appropriate County Records.
If this is a hunk of land out in the middle of nowhere, it would be a good idea to have the land surveyed, especially if previous deeds make references to “junior” deeds and “senior” deeds.
If you want to build on this land, especially if you need a mortgage to finance the build, the bank will have plenty of requirements of its own.
Any restrictions on the land? Are you building in a flood plain? Are there any easements against the land? Do you have access, or is the property landlocked? Are there any big, noisy, polluting projects on neighboring property? Was this land used for any legal or illegal dumping? Are there any liens against the property? Do you have mineral rights? Does the County or State have any big public works projects planned in the future?
Yes, you can do a transfer of ownership by yourself. Pay any taxes or fees, then file the deed with the County Recorder. You might have yourself an incredible deal.
Or you could be buying headaches and disappointments.
~VOW
That is a contract.
I believe the “land contract” he’s referring to is a seller-financed mortgage on real estate, not simply a contract for a sale of land.
That is a mortgage contract. A land contract generally refers to the transfer of land in exchange for a consideration
Since this involves real-world legal issues, let’s move this to IMHO (from FQ).
It may also be a problem for anyone in the future who needs to sell the property.
No, seriously, the term “land contract” in common usage in my jurisdiction means a seller-financed mortgage on real estate. Don’t ask me why. I have no idea over what area this terminology is used, but clearly not where you’re from. Nevertheless, it’s what the article “land contract” on Wikipedia is about.
Other sources: