One way you can do this is by using a third party escrow service like SafeFunds.com (I’ve never used them, but I know some who have and I’ve heard it works well). You could also give the cashier’s check to your mobile notary (if you’re using one) and they can deliver it to the seller after they’ve completed their documents. You could also just make a copy of the cashier’s check (to give the seller evidence that you have the money and it’s ready to go), and send this to them along with their docs to complete… and then you could mail it to them AFTER you receive everything from them.
Whether you inherited a piece of property that doesn’t mesh with your goals, discovered that you simply need to live in another part of the world, or even if you bought a piece of property and later just fell out of love with it, selling land, particularly in a poor market, can appear to be a daunting task. The amateur’s first reaction is usually to list with a real estate agent and hope for the best.
They are contractors looking to sell and move out of state for work. We viewed yesterday. They are renovating most flooring and walls due to sloppy relative that used to rent while they were out of town for work. Being contractors, I’m sure most materials are cheap or free for them to obtain, but they are finishing this before leaving. We are aware that it is a fixer but it’s totally liveable! Mainly cosmetics or personal preference will remain and we’ll own it.
When deeds are drafted as a part of a land sale, they have to be recorded to become a matter of the public record and protect the buyer's ownership rights. It is customary for buyers to pay for the cost of recording -- after all, it's the buyer that benefits from having his interest in the property entered in the public record. However, this custom isn't always the case, and some areas assign the fee to the seller, or to both parties equally.
If you have created a land contract, youll also need a memorandum of land contract. This is, essentially, an abbreviated legal document that references the main contract created. This simply serves as a public notice that the buyer is interested in the property without you and the buyer having to disclose and record the entire land contract. Because the deed of the property will not be filed until youve received full payment on the purchase price indicated in the contract, this memorandum will be filed with the county and the city to serve as a record that the buyer is interested in the property.
Closing a real estate deal involves a fair amount of work and attention to detail (and of course, there’s always the chance that you could do something wrong). With a property like what you’re describing, the value that a professional closing agent brings to the table is a pretty easy thing to justify spending money on. In Virginia, I believe either an attorney or a title agency could do the job (but this kind of thing varies from state to state, so you may want to ask a local real state agent what they recommend).
Land contracts are security agreements between a seller, known as a Vendor, and a buyer, known as a Vendee. The Vendor carries the financing for the Vendee, which may or may not contain an underlying loan. A main difference between a land contract and a mortgage is the buyer does not receive a deed or clear title to the property until the land contract is paid off.
Land buyers are going to be more interested in a property that’s in the right location than one that’s more far-flung. For example, a buyer looking to build up a housing development might be more interested in land that’s near the Kansas City metro area, as the houses built on that land will be more likely to attract buyers, especially buyers who work in the metro area.
I sold a house in Illinois with assistance of an attorney four years ago. The attorney instructed the buyer to record the deed during the closing. The buyer has never done so. I still receive the tax bills that I pass on to buyer with requests that he record the deed. I took all documentation of the sale to the county recorder but was informed that only the buyer could record the deed. Any advice?
The first thing you must do when you have signed a contract to buy a property, especially where there are professionals involved in representing the interests of either party, is to lodge a caveat to protect your interest in the property until settlement. A caveat will stop the vendor from selling to someone else or encumbering the property without notice to you.
Buildings: This chapter is intended to address land-only sales. Obviously, if your land has buildings on it, those can add significantly to the value. If the buildings are of any value, that is, a livable house or a barn or shed in good repair, this may be harder for you to estimate or to compare with others. About the best you can hope to do is to compare the number of rooms/bedrooms, the square footage, the general condition, and overall appearance. If the buildings are of marginal value, give them appropriate ranking, however as advice to a potential seller of real estate (I’d tell a potential buyer something else) don’t discount that shack or hovel too severely. A lot of buyers seem to feel somehow assured if there’s a structure of any kind on a property. Maybe it seems less intimidating than starting with empty woods. So if it doesn’t leak too badly, and isn’t going to fall down in the next few years, you may consider bumping the price up a few thousand dollars, or leaving it where it is so that the building provides another inducement to buy.
If you feel that you have been a victim of real estate fraud, there are many resources available for you as the victim. Your first step is to contact the local District Attorney’s office and report the incident. Our office will stand by you and provide any relevant information to support your claim. Here are additional agencies that can assist you and provide more resources: