ma23peas Posted September 14, 2010 Share Posted September 14, 2010 My neighbor has suffered a great bit the past month...his dear wife suffered 2 massive strokes just going through outpatient surgery..their life has turned upside down, she's home but paralyzed and he's needing to sell us some land quickly...I just had the surveyors out last week and am waiting for their report but have an idea of how much acreage and how much we need to pay, but do I just call an attorney to write up the deed? Do I need to have him come to the attorney's office to sign over the land? He needs this money fast and I'm just not sure what I need to do and don't want to forget to do something..it's a cash deal so no bank involved....I'm guessing I need an attorney? the only ones we've used have been to close on homes here...I'm guessing that's who I'd call? Thanks for any help! Tara Quote Link to comment Share on other sites More sharing options...
wapiti Posted September 14, 2010 Share Posted September 14, 2010 I'm guessing I need an attorney? the only ones we've used have been to close on homes here...I'm guessing that's who I'd call? yes Quote Link to comment Share on other sites More sharing options...
ma23peas Posted September 14, 2010 Author Share Posted September 14, 2010 Okay, times are tight...trying to help out the neighbor but the real estate attorney will cost us $680!! I know these people, I know their finances...I sat up with him for 4 hours going over every bank account and payable for the past 24 months...I do know they have one equity line of credit on the property so I would need to go to that bank and have them release this 1.8 parcel of land from that....he's willing to go with me to do that...I really do not believe a title search is necessary b/c they've lived here for 35 years and the land I'm on used to be theirs and we've had title searches on this and it's clear...(2 years ago)...so can't I just do this without an attorney? Get a warranty deed...take it to the county courthouse and record the deed into my name, we may have to get our signatures notarized but my bank will do that for free...so the recording fee for deeds is about $39 in my county...$39 is sounding a whole heck of a lot better than $680. My Dad used to buy land and that's all he ever did, he's very convincing and I could use the money saved to put up fencing on the new land so we can start letting the horses graze there to extend our feed months... Any ideas/comments? Tara Quote Link to comment Share on other sites More sharing options...
OLG Posted September 14, 2010 Share Posted September 14, 2010 Consider: Are there any liens on the property? Is there clean title - neighbor legally owns the land and can prove it. I am a do-it-yourself type of person also and the online deeds/documents make it easy however just double check paperwork. I am sorry for all of your neighbor's troubles. You are kind to help. There just might be somethings he has forgotten or overlooked in all the stress of the immediate situation so maybe check with a title company? Mary Quote Link to comment Share on other sites More sharing options...
ma23peas Posted September 14, 2010 Author Share Posted September 14, 2010 I don't even mind doing a title search, it's about $120 can I do that on my own? I'm not even sure what a title search company is...guess googling will help! :) Thanks! Tara Quote Link to comment Share on other sites More sharing options...
OLG Posted September 14, 2010 Share Posted September 14, 2010 Any local real estate office will be able to suggest a title company for you. I have found them to be more than helpful and easier/cheaper than attorneys ;)...not sure how to go about a title seach yourself but the county clerk could maybe help answer that. Again, these folks are often very helpful. Good luck! Quote Link to comment Share on other sites More sharing options...
duckens Posted September 15, 2010 Share Posted September 15, 2010 I would use the lawyer. Yes, $680 is a lot of money, but this is a major investment. Consider this: When my grandfather passed away he had lived in the nursing home for a few years. Before that, he and step-Grandma (he remarried after being widowed) lived in a trailer in town for a few years. Before that, he and step-Grandma lived on the farm. (They were married in their 50s, and celebrated 25years of marriage before step-grandma passed away). When Grandpa passed away, my mom's cousin came a-knockin' AGAIN for inheritance money related to the famly farm. Confused yet? Is it complicated enough yet? Here's the real history of the family farm: My mom grew up on the family farm with a 3-generational family: mom and her sister, my grandparents, and her grandparents (G & G Young). The family farm passes from Grandma Young to Grandpa Young: When Grandma Young dies, my grandma's sister (according to the will) got a cut of the value of the farm. The family farm passes from Grandpa Young to my grandma (his daughter): When Grandpa Young died, he owned two farms: one in Iowa, and one in Wisconsin. My grandparents got the Iowa farm, because they lived there. My Grandma's sister got the Wisconsin farm. Grandma's sister was not happy with the Wisconsin farm, so my Grandparents cleaned out their savings to keep Grandma's sister happy...and to keep peace in the family. The family farm passes from my Grandma to my Grandpa: When my Grandma passed away unexpectedly, her sister's sided of the family hired a lawyer to stake claim to her part of the family farm; and ANOTHER settlement was made to appease that part of the family. My Grandpa remarried (step-Grandma) a year later. The family farm is sold: At or near retirement, Grandpa sold the farm to a neighbor with the agreement that he and step-Grandma could live there as long as they wanted as long as they didn't sink a new well. The neighbor made monthly payment to Grandpa and step-Grandma to subsidize their meager retirement. (Newsflash: Grandpa was not a very good farmer, but that's another story). Again, the cousins of that side of the family demand a settlement according the deed and the former family wills. Grandpa dies: Many years later, Grandpa and step-Grandma have moved off the farm. First they are in a trailer in town; then the nursing home. THERE IS NO MONEY LEFT FOR THE NURSING HOME, AND GRANDPA IS TOTALLY FUNDED BY MEDICARE. When Grandpa dies, the cousins again hire a lawyer to evaluate their cut of Grandpa's will. What cut? There's nothing left to cut! This saga runs from pre-1968 through 2005, and much of the turmoil is due to will that were written long before I was born. Do you really want to not use a lawyer to tell you what is going on with this land? Really? Quote Link to comment Share on other sites More sharing options...
Dobela Posted September 15, 2010 Share Posted September 15, 2010 Hire the attorney. You want to make sure it is all done correctly. Quote Link to comment Share on other sites More sharing options...
OrganicAnn Posted September 15, 2010 Share Posted September 15, 2010 Some states require a lawyer to prepare a deed (real estate law varies from state to state). I would get absolutely get title insurance, but maybe shop around for a lawyer. Remember you have to have the legal description on the deed and get it properly recorded. It is worth doing it right. Quote Link to comment Share on other sites More sharing options...
ma23peas Posted September 15, 2010 Author Share Posted September 15, 2010 Love the attorney, he's a great guy...closed two of our properties so I know he's giving me the best deal out there...things like that seem to be high here..not sure why...and I'm sure it's lower than most counties.. BUT...here's the big but...I'm an independent thinker/worker...I completed a 100k remodel on our house (framing/drywall/adding a whole electrical panel/added bathrooms, insulation, AC unit,) for 45k...I contracted a gunite pool for half the cost and went against what everyone warned me would be a headache...sure it was dirty...but finished that project in 12 weeks, how many pools take that long and have a 1500 sq. foot paver deck...this just does not scare me in the least...just need to navigate my way through it...weighing the pros/cons...the pros outweigh the cons....I'll head down to the courthouse tomorrow and see if I can find a soul who can help....I just paid $500 for a survey, most wanted over $1000...everyone's hurting right now...if I can save us that money, I've got to try. Thanks for your help! I'll let you know how it goes! Tara Quote Link to comment Share on other sites More sharing options...
ma23peas Posted September 15, 2010 Author Share Posted September 15, 2010 Wow! Thanks to my hand digital photoshop skills I just manipulated a document to include the legal description of the tract we're purchasing and added in all the legalese for my official statutory warranty deed-individual to individual! I got it all in there! Will head to the county courthouse tomorrow....the only blip I see right now is that my neighbor has power of attorney for his wife's signature so hoping him bringing that to the notary will be enough for him to sign on her behalf...calling title company tomorrow..my mother was a mortgage broker for 25 years, she gave me some good names and my Dad had enough law school to walk me through the legal description of the tract...found a form on the Alabama Bar association website for the form in pdf file where I just erased and added our information... I'm feeling savvy, dh is all in a tizzy and wants to pay the attorney...this may come back to bite me but I'll have a long discussion with my neighbor to make sure he has his deed and see if the equity line was on his house here or his other home in another state..hope that's the case... Now, off to rest! Tara Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.