Question on Buying Land

Okay, here's a little more info, but remember this is from NY and not where your'e located:

Will you own the oil rights? If there are any easements or if a prior owner has held back those rights, it should be on the abstract of title to the whole parcel that the seller should have or have access to -- in any event it should be on record at the County Clerk's/Recorder's Office. It may or may not be set out in the deed . . . sometimes all that stuff is put in the deed, sometimes not.

Another variable is whether property in your state is transferred "in fee simple" meaning you own that one acre (theoretically at least) from the apex of the heavens to the center of the earth, including all of the minerals and other valuable substances that might be found on it, in it, or under it. There are states (Maryland for some unknown reason being one of them) where deeds do not (or did not at one time many years ago) transfer property "in fee simple" and you do NOT own the valuable minerals etc. etc. etc. on your own property . . . I believe in Maryland the state retains control over it. Heaven knows what the rules and regs could be where you are.

A lawyer here for a closing on a house with a bit of land that cost say $30,000 would be a percentage of the purchase price. There is nothing wrong with calling two or three lawyers' offices and telling them that you are thinking of purchasing some unimproved property in the price range of $X and what would they charge for a closing like that. Get a set fee, do NOT let them charge you by the hour! Usually real estate transactions are a set fee, except for commercial transactions.

As for title insurance, my house cost something over $25,000 and I bought my own policy (outside of the one the bank has to cover itself) and as I recall it ran me less than $150.

Now - a "homework" assignment! Go read the thread started by someone else that says something about "Oh, no, another real estate disaster" -- sorry I don't remember the exact words. And see if you think it would be worth the expense of a lawyer to keep you out of THAT situation. Good luck!

MaryNY