MCH Posted February 17, 2007 Report Share Posted February 17, 2007 Re: Land Purchase Question Not sure on every states policies, but in Oklahoma we have an abstract system. Basically, an abstract traces back everything that has ever happened to a piece of property since Indian land times. Here in our county, normally the first thing in our abstracts is a Treaty of Rabbit Creek or something like that. So basically, sometimes you're talking about 2,000 pages of legal documents and court rulings such as divorces, deeds, quiet title docs and such. I know anytime you say the word lawyer, you get a negative connotation, but in the case of title opinions, they're not a bad thing. They will read over every page of the abstract and will give you their "legal opinion" as to the validity of the seller's claim on the property. For instance, in bfletch's case, it's not out of the ordinary for a quiet title suit to be necessary. Basically, somewhere in the abstract someone had rights to the property and they passed away or cannot be found. Usually, its in joint tenancy and the spouse or partner has died. Quiet title suits will clear up any doubt as to the owner of the property. Quote Link to comment Share on other sites More sharing options...
LETMGROW Posted February 18, 2007 Report Share Posted February 18, 2007 Re: Land Purchase Question [ QUOTE ] My brother and I just purchased a small chunk of land in MN, and there was no need for an attorney as far as the purchase went. The attorney only came into account when we started talking about "what ifs" Here, as long as the land is surveyed, you know what you are buying and you have the money, it is a done deal. The attorneys are not needed for a land purchase at all. We consulted an attorney, simply because we were buying land together and we both have a wife. So, we actually look at the land as 2 "lots" instead of one: Just in case something ever happened to one of us. IF you are buying the land alone you shouldn't need to pay the attorney fees. JMHO. [/ QUOTE ] However if there were leins against the property or right-a-ways across it would you know? If you found out years down the road, what recourse would you have? There is an old saying, Save a buck today, spend thousands tomorrow! Quote Link to comment Share on other sites More sharing options...
Adjam5 Posted February 18, 2007 Report Share Posted February 18, 2007 Re: Land Purchase Question Make sure there are NO previous tax exemptions ( senior citizen, veteran ect) present on the property that would lead you to believe that the taxes are not what they are presently to the previous owner. My tax rate after I bought this home was significantly higher due to previous expemtions on the property, that were not listed by the realtor or revealed by the estate I bought from. They only listed the present tax rate. Its up to you to find out what it will cost if YOU owned the property. Good Luck and good hunting! Quote Link to comment Share on other sites More sharing options...
TexasDeerHunter Posted February 18, 2007 Report Share Posted February 18, 2007 Re: Land Purchase Question [ QUOTE ] [ QUOTE ] My brother and I just purchased a small chunk of land in MN, and there was no need for an attorney as far as the purchase went. The attorney only came into account when we started talking about "what ifs" Here, as long as the land is surveyed, you know what you are buying and you have the money, it is a done deal. The attorneys are not needed for a land purchase at all. We consulted an attorney, simply because we were buying land together and we both have a wife. So, we actually look at the land as 2 "lots" instead of one: Just in case something ever happened to one of us. IF you are buying the land alone you shouldn't need to pay the attorney fees. JMHO. [/ QUOTE ] However if there were leins against the property or right-a-ways across it would you know? If you found out years down the road, what recourse would you have? There is an old saying, Save a buck today, spend thousands tomorrow! [/ QUOTE ] Any leins should be recorded and would be known at title search, a title policy ensures against any issue. The survey will show any easments or PUE's. So why would you wan't to spend money on an attorney? How would it change anything? Quote Link to comment Share on other sites More sharing options...
MCH Posted February 19, 2007 Report Share Posted February 19, 2007 Re: Land Purchase Question An attorney performs the same function as a title company. Our bank does preliminary title opinions and final title opinions. The preliminaries verify that there aren't any liens on the property and that the sellers are in fact the legal owner. The finals show us as the lienholder. Both together are normally cheaper than what you listed as title insurance costs, depending upon what lawyer the buyer chooses. Quote Link to comment Share on other sites More sharing options...
bfletch7441 Posted February 19, 2007 Author Report Share Posted February 19, 2007 Re: Land Purchase Question Thanks for all the info guy's. I'm not too worried about leins, survey's, or title problems arrising. I will be speaking with a lawyer later this week though. I'm hoping we can take posession of the place by mid March or early April, that should give me time to get a few food plots prepared for the fall. Again, thanks for the help guy's, and I'll keep you posted on the progress. Ben Quote Link to comment Share on other sites More sharing options...
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