Question on Buying Land

[Oilpatch197]

I want to buy two acres on the southeast cornner of the Seller's 40 acre plot.

Ok now we Agreed on a price, now how do you proceed? How do you get the Title changed and do I need the land surveyed? What office at the court house handles the Land?

[uncle Will in In.]

You will need a legal discription of the property. Surveyers usualy can write one up. It would be best to get it surveyed and have him give you the discription. The owner will have to give you a noterized deed using that description to show what he is deeding you. He should also give you "title insurance". That protects your investment if someone from the past has a claim on your property. After that, you take your deed to the county recorder, and have it recorded.
Surveying it is a very good idea. If a road is involved it most likely be measured from the middle of the road. A surveyers stakes will settle differences of opinion about the lines later. Be sure to put a permenent post at the corners as the surveyers stakes can disapeer after time.

[MaryNY]

Uncle Will is correct. AND, you may also be required to have the original survey (plat of the property) filed with the County Clerk or Recorder or whatever they're called in IL. Sometimes this type of survey is required to be prepared on a special fabric by the surveyor, and that can be a little pricey, but not bad.

If you want to be absolutely positively sure that you get that particular piece of land, you may want to enter into a written "purchase offer" for the land. (This would protect you between the time of the offer and the time the deed is filed in case the farmer passes away or is incapacitated before closing - or in case you are as well - it binds your heirs/family to complete the deal - or not - but makes your intent known on paper.) If you've ever bought property before, or if he has, then you should have a copy of a purchase offer in your records somewhere and you can fill out something similar. Realtors would have the form, and so would a lawyer.

I would also strongly suggest that you have a lawyer at least check over all the documents once you get them together (pay him for one visit to check it all?), but it shouldn't be too expensive to have him dot all the "i's" and cross all the "t's" for you - especially if you have a lawyer you have used in the past. One lawyer should not represent both of you.

MaryNY

[uncle Will in In.]

Mary is so right. Don't try to blunder through it all without legal consul. There's more to it than buying a car.

[boxwoods]

some inportant points:

If the owner of the 40 acres has a mortgage on the property, most banks will not let the owner sell part of the property. It is held for security

You will have to go to the town for approval for the subdivide on the property.
They may require a survey.

and what the others said, title insurance is well worth the $350 or so

[Mike in Ohio]

Go to a title agency. Execute a written sales agreement. Get a title search and get title insurance. If you are not comfortable with contracts get a lawyer to help you.

Mike

[mightybooboo]

04-19-2005, 11:11 PM
Oilpatch197
Registered User Join Date: Apr 2004
Location: SouthEastern Illinois
Posts: 979

Well, I don't get you property owners, it's like I step on one foot of your land you yell out "Tresspasser" "Tresspasser"

I don't see a problem with a ATV trail that goes maybe cuts thru one acre at the far conner of your unfenced wooded property, I really don't see no problem with this.

If you want people OUT, put signs up, and put contact info on them, putting up "No Tresspassing, Violators will be procecuted" all those signs do is make me laugh, and ****ed off because the land owner has enough time to put the sign up, but fail to fill out the "owner" "address" areas on the sign.
Since the land isn't really yours, you just rent it from the goverment in the form of property taxes.

Also, yeah I tresspassed on ATV trails near me, but you know what, those ATV trails have been there since the early 80's, and MANY people go there,

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Last edited by Oilpatch197 : 04-19-2005 at 11:17 PM.

http://homesteadingtoday.com/showthr...0&page=3&pp=30



Didnt you say you would trespass on anyones property whenever you felt like it,and would even cut fences???? And too bad if I didnt like it?

That was you,right? Cant paste it,you only go back 500 threads and that one has disappeared.

Am I welcome to do this on yours now?

BooBoo

[Oilpatch197]

Come on Over and have some sun tea and Pumpkin Pie!

Now this all sounds complicated, I have to prepare a deed, we sign it, he sends it to the Notorized Public person, then I (or is it him?) that has to get title insurance, then I record the Deed with the county clerk?

And now the Clerk will honor the land as mine, and send out the tax bill and all that?

With all this Mumbo Jumbo, exactly when should I pay him for the Land?

[boxwoods]

lol

First: You need to make sure that the town will let him subdivide a piece. If there is no town zoning laws, maybe you won't need to go before the zoning board. Zoning laws might say you need 5 acres to build on. You need to check that out.

If you had a lawyer, he would probably recommend a contract showing a down payment and what you are buying.

If the owner has an attorney, that attorney would draw up the indenture and order a title search (making sure there were no liens or money owed on the property. The owners attorney would also draw up a map and get someone to do the markings.

If you are doing all the legal work then:

You or a lawyer need to type up an indenture (deed), with a schedule of the land markings, a plot map with markings(survey) etc.
That schedule "A" is part of the indenture

The indenture transfers the 2 acres or whatever to you. His/their signature has to be notorized. You should but don't have to buy title insurance guaranteeing clear title. Anyway at the time that he hands you a notorized indenture, and title insurance company hands you title insurance, you can pay the man.

You can at that time take the indenture to the county clerk and record it , and also pay any real estate transfer taxes. The clerk will send you a deed in the mail.

That's about it.

You can do this stuff by yourself, but you really need to make sure you are going to be able to get to and use your land for what you want. Access, and no problems with zoning.

Any questions, just pm me. I've done it many times before but in NY state.

[gardentalk]

Originally Posted by mightybooboo

04-19-2005, 11:11 PM
Oilpatch197
Registered User Join Date: Apr 2004
Location: SouthEastern Illinois
Posts: 979

Well, I don't get you property owners, it's like I step on one foot of your land you yell out "Tresspasser" "Tresspasser"

I don't see a problem with a ATV trail that goes maybe cuts thru one acre at the far conner of your unfenced wooded property, I really don't see no problem with this.

If you want people OUT, put signs up, and put contact info on them, putting up "No Tresspassing, Violators will be procecuted" all those signs do is make me laugh, and ****ed off because the land owner has enough time to put the sign up, but fail to fill out the "owner" "address" areas on the sign.
Since the land isn't really yours, you just rent it from the goverment in the form of property taxes.

Also, yeah I tresspassed on ATV trails near me, but you know what, those ATV trails have been there since the early 80's, and MANY people go there,

--------------------------------------------------------------------------------
Last edited by Oilpatch197 : 04-19-2005 at 11:17 PM.

http://homesteadingtoday.com/showthr...0&page=3&pp=30



Didnt you say you would trespass on anyones property whenever you felt like it,and would even cut fences???? And too bad if I didnt like it?

That was you,right? Cant paste it,you only go back 500 threads and that one has disappeared.

Am I welcome to do this on yours now?

BooBoo

It sounds to me that this OilPatch197 character has absolutely NO respect for others' property and rights. This sounds a lot like my brother (he was our neighbor) who seemed to have no problem riding his ATV through our yard because we "are only renting the property". Some people just don't care one iota about others.

[Oilpatch197]

Ok the Land is in the country, and no city to deal with, I would like to do this on my own(self sufficiency) not relying on other people for my needs.

I live in a Oil producing region(hence my name) HOW DO I KNOW IF I GOT MINERAL RIGHTS? and not some Oil company has it?

[boxwoods]

It will be in the title abstract

[Mike in Ohio]

Oilpatch, if you don't know enough to tell what mineral rights transfer then you ought to think long and hard about whether you are competent to handle the transaction on your own.

Mike

[boxwoods]

I think you should really talk to an attorney.

This land will be in some township. They more than likely have zoning laws. You might need at least x amount of land to build on. The owner more than likely would have to file an application with the town to sub-divide his property. It's not like selling a whole property.

[Oilpatch197]

No zoning Laws.

Is there any good Sites on buying/selling Land?

Oilpatch, if you don't know enough to tell what mineral rights transfer then you ought to think long and hard about whether you are competent to handle the transaction on your own.

Mike

So could I hire a attorney to handle the complete transaction, and how much will that cost?

Sounds like I'm going to be paying more for Title insurance and attorney fees than what the land is worth!

[boxwoods]

The cost to you probably 3 to 400 for lawyer, $356 is the mimuimun in NYS for title insurance if you want it up to a purchase price of around $25,000 I think. I'm sure MaryNY could tell you.. (depends on how much of an investment you are going to make on the land), recording fees at the county less than $80. survey if needed could be 4 or 5 hundred

[boxwoods]

let me add. title insurance is an option. If you think, and your attorney thinks there will not be any problems with title, then you can think about the option.

If you are going to put a 50-100,000 home on the two acres, I would buy the title insurance.

[uncle Will in In.]

The abstract company writes the title insurance after they check the courthouse records to see if the owner has a clear title. The owner must furnish you the title insurance at his expense. The owner will have to pay for the discription of the property so he can have the abstract company put it on the deed which he also must pay for. He might want you to share the surveyers bill with him.
This is part of the reason land owners don't want to sell a piece of their land at a reasonable price.

[antiquestuff]

Originally Posted by Oilpatch197

Ok the Land is in the country, and no city to deal with, I would like to do this on my own(self sufficiency) not relying on other people for my needs.

I live in a Oil producing region(hence my name) HOW DO I KNOW IF I GOT MINERAL RIGHTS? and not some Oil company has it?

Get the land purchased so you are certain it is yours for real, then be self sufficient (which could be difficult on only two acres perhaps, but not impossible).

[boxwoods]

Title search is what the seller has to supply, and his attorney would hire some one to do that at the clerk's office. If there were some claim, the attorney would have to clear it up . Then the notorized indenture would indicate that they were conveying a clear title to the buyer.

Title Insurance is an option that the buyer would buy (an insurance policy for up to the purchase amount)