Q: What do I need to do to purchase vacant lot behind us. Owner has agreed to price. What do we do next?
she wants us to handle it all and I do not really know where to start. I have been told I do not need a lawyer or realtor, please advise.
A:
True, you don't need a realtor - and that is because you already have a buyer and seller agreeable to the transaction. But you absolutely should have an attorney to draw up the contract and the closing documents and perhaps supply you with title insurance, if appropriate, or a title search to be sure you are actually getting what you think you are getting!
A local real estate attorney should be able to help you out and handle the transaction painlessly for you. Just be sure you have covered with the seller the essential elements of "WHO, WHAT, WHERE, WHEN, and HOW MUCH".
A: You need a real estate transaction attorney to prepare a contract once signed the attorney will do a title search to make sure there are no title issues or liens on the property The real estate attorney will prepare the documents for the closing as well as a closing statement and effect the recording of the documents. If you think you can do all this correctly without an attorney chances are you cannot. If you already have a deal for the transaction at most you can just get an attorney and you do not need a real estate agent.
A: Sales contract, followed by due diligence period, followed by closing with title search and insurance.
Terrence H Thorgaard agrees with this answer
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