How to Question...Selling land w/out Realtor???

[Rush2Judge]

I'm NOT a landman (I don't even know what that is exactly) and I haven't sold any property like you describe but, I have purchased land directly from an individual with no realtors involved. I asked if he wanted to sell, he said "yes" for x amount. It was then on me to find a title office and get them to draw up the contract and do the legwork. Whole process took a little more than a week. It was a cash deal on land only so I don't know how that would change things.

[Grayson]

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Checking in from Spring Break vacation to day....


BAHAHAHAHAHAHAHAHAHA!!!!!!!

[Burnadell]

Starting to smell what I am stepping in?

Quick run down on a few things to consider.

https://www.linkedin.com/pulse/20140...tax-nightmare/

This is good information if the OP is transferring land in Canada?!?

Exactly! Reading that article, I was thinking, “that ain’t right”! Then realized the dude is in Toronto!

Nevertheless, the tax consequences need to be examined.

[Booner Sooner]

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[jheflinland]

I'm a landman, too, and I'd say you're walking a dangerous line here.

Care to elaborate why?


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[Baygall]

I just finished this process. I had an attorney draw up the warranty deed. Cost $125.00
Both parties signed at a Notary. I took the original to the court house and had it filed, $45. It was a cash deal. If financing, I'm sure a financial institution will have their own requirements.

[Nate Riley]

For the most part the job of a real estate agent has been done here, which is getting it sold (getting to the "meeting of the minds"). While they can be helpful at an administrative level after that, the important stuff is handled by the title company and lender.

If he is getting financing, just go to the title company and his lender and tell them what you are doing. They should be able to get you on the right track. They might tell you that you need a contract. If so, so to the Texas Real Estate Commission's website and download the contract for Unimproved Property and fill it out. It's not very hard and if you make a mistake they will let you know. You might do a little bit of research to find out which title company in the area (county) is easiest to deal with and can get it done in a timely manner.

I'm big fan of getting title insurance. It's a smart thing to have and its cheap, if any prior owners have a title claim. That said, if he is paying cash and you had the title work done when you bought it (if you got title insurance) and you both are comfortable with what you are transferring, technically, you could go to a local attorney and have them draw up a deed. this might save him a grand or so. I wouldn't recommend do in your own handwritten deed. I definitely would get the title insurance, but this is an option, if he is paying cash.

[1riot1ranger]

I'm a landman, too, and I'd say you're walking a dangerous line here.

If it has been platted in the county make sure to follow their re-platting rules. Title insurance won't cover their omissions here. Ask me how I know.....