Lithia, FL · Member since 2016 · 90 posts · 4 votes
Hello, I am a new investor and I will be investing in land. So lets say i have a buyer who will sell me his property for $1000, What do i do next? I am lost here
Your finished after that, assuming nothing goes funky in the process
Also, if your planning on buying/selling in the future it will pay off to have a good relationship with an Escrow Officer, they are a really good outlet for questions and getting this work done for you
I use a company called Talon Title in Hillsborough county. They charge about $500-$600 for smaller transactions (less than $10k). http://talontitle.biz/
If you want to do it yourself and the deal is less than $5k:
If you're local, meet with the seller with a cashiers check at a place to get the deed notarized. You need two witnesses for a deed in Florida. Have them sign and hand them the check.
If the seller is far away, get a cashiers check, find a mobile notary close to seller from www.123notary.com. Cost is about $50-$100. Mail the deed to be signed and put the cashiers check in an envelope with the sellers name on it. Tell the notary to give the seller the envelope after they've signed. The notary arranges the time and place that is convenient to the seller.
I would recommend you do the first few deals through a title company to see how it works. Also, if there is anything tricky about the deed or chain of title I would definitely use a title company. Any sort of trusts, probate, estates, let the title company handle it until you know exactly what you're doing.
I would only recommend you attempt to do it yourself after you have some experience and the deal is a lower dollar amount (like less than $5k)
You ask great questions and it is apparent you want to minimize or eliminate ALL expenses. Your questions about the type of deed and really your understanding of the contract, what it means legally, your rights, the seller's rights, terms, timeliness, etc, are important concerns you need to understand before you start signing things you don't understand. However, there are some things you never want to 'cut corners' on and ensuring that your real estate and land purchases pass thru to you unencumbered is extremely important! Just the peace of mind in knowing you are protected is worth the expense. Vacant land can be encumbered with liens, etc just like land with dwellings on them. You sound like you may know enough to be dangerous and some things you don't learn in a New York minute! Knowledge is power indeed which is why it will generally cost you something to get the good stuff! If you don't know what you are doing, be smart enough to know when that is so you don't get in over your head and pay dearly for saving those few dollars! Hire an attorney(check out Legal Shield) or a realtor to take care of this for you. It will be worth it!