Updated about 5 years ago on . Most recent reply
Selling Question for Small, Empty Lot
I am in contact with a potential buyer for a tiny lot I own in Hot Sulphur Springs in CO. When our real estate agent got the title work back, it said that once the land is sold, the legal access to it is gone (I would assume the owners of the larger parcels around the lot had good lawyers to put this in for the few tiny lots still scattered across their land.) He got us in touch with a potential buyer, and we cancelled our contract with the agent, since it wouldn't be a good deal for him (or us.) The buyer said that even though he understands that he could end up not having access to the land, he'd still be willing buy it for a low price just in case he can figure out a way to access it. So right now we're in the process of how to secure a safe transaction. He feels a lawyer is too expensive. Additionally, the title company said that they couldn't close without insurance, and that they couldn't write a policy for land without access. If this is true, would paying for the lawyer be the only way to go, or do we have other options in regards to a third party taking care of the transaction? The purpose in selling this is to stop having to pay taxes on it, so I'm not expecting much money. But simply printing out a deed and hoping the potential buyer pays after I send it seems very unsafe. Any advice would be appreciated!
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@Rachel Hertel very complicated situation. Why not offer it to the owner's of the adjoining land?