Process to sell vacant land without title company or lawyer?

Question

Advice please, I am selling a small, now vacant, piece of residential land for 11k in Pennsylvania. I know I can do this on my own without a title company or lawyer, though I will use a lawyer for about $150 to prepare the deed. Prepare deed, sign title at the lawyers office and exchange the funds, then take deed to the County Recorder's office. Is that the process? But after the deed is prepared, what other forms do I need to get? I know I need a 1099 but then do I sent that to the IRS or hold it until tax time? Do I need to give the buyer a lead disclosure? This property was bought on the county Repository list so there is a Repository title, I know some liens could still be within their statute of limitation to be recorded, so I would not want to offer a General Warrantee deed, so which type should I tell my lawyer to make?

Thank you!

Peter Walther · Answer

As far as I'm aware Jay, in every state, a party to the conveyance (Granto/Grantee) can prepare a deed. Not that I'm suggesting it's a good idea.

Jay Hinrichs · Answer

I am not exactly sure but on all the deals I fund in that state.

there are many fee's that need to be paid to transfer title.

these are county city school Tranfer tax I would go to the county recorders office and ask them what has to be

provided to record the transfer deed thats a free way to know what is required.

For instance out here In oregon and Washington.. Oregon you can transfer title subject to the property tax's in WA you must bring them current to record a transfer deed plus pay Excise tax .. oregon just record your deed and there is a small transfer tax the recorder figures out when your standing there.

Peter Walther · Answer

I did some admittedly quick research on IL deed requirements and didn't find anything related to mandated attorney preparation. I do think that for most people, having an attorney prepare a deed in money well spent. I spent many hours trying to resolve issues created by kitchen table deeds.

Deed Elements and Recording Requirements in Illinois | Attorneys' Title Guaranty Fund, Inc. (atgf.com)

Peter Walther · Answer

The fact that you're asking the questions indicates you really need to retain an attorney for advice on the transaction. For example, I would think that if you have actual knowledge of a lien or encumbrance or a defect in title (say a neighbor approached you and told you they're claiming an unrecorded easement over your property), a judge or jury might find you had an affirmative duty to disclose it to the buyer.

This isn't legal advice, just my opinion.

Kevin Sobilo · Answer

@Alecia Prigmore, do the closing with a lawyer or title company. Don't pinch pennies. In fact the buyer generally chooses who to handle the closing and pays them!

The place that handles the closing will make sure state transfer taxes are paid, property taxes are paid and prorated, that the deed is recorded, issue title insurance if the buyer wants, etc.

The most common deed issued is a Special Warranty deed where you only guarantee issues that came into existence during your ownership. You could also use a quit claim deed where you make no warranties as to the title's condition.

Process to sell vacant land without title company or lawyer?

Process to sell vacant land without title company or lawyer?

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