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Updated over 2 years ago on . Most recent reply

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Alecia Prigmore
  • Rental Property Investor
  • Reading, PA
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Process to sell vacant land without title company or lawyer?

Alecia Prigmore
  • Rental Property Investor
  • Reading, PA
Posted

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!

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Jay Hinrichs
#1 All Forums Contributor
  • Lender
  • Lake Oswego OR Summerlin, NV
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Jay Hinrichs
#1 All Forums Contributor
  • Lender
  • Lake Oswego OR Summerlin, NV
Replied

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. 

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JLH Capital Partners

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