Updated over 8 years ago on . Most recent reply
First land deal advice please
I have been in talks with a guy who purchased some rural land through a tax auction years ago. He never paid taxes on this land and is now at risk of losing it at a tax auction if he doesn’t pay the taxes by May.
He says he needs 8K for the land. I spoke with a local real estate agent who says that it’s worth about 22K.
I spoke with the local abstract company. They will do a deed search (40 years) for $375 and the tax search to see exactly what needs to be paid for $25.
I’m meeting the land owner on Friday to walk the land and make a deal.
I have all the funds. What should the contract include? I was thinking that I just need to state the parcel number, address, price, etc.
Am I missing anything important?
Thanks in advance.



