Purchasing Land

[cybertoe]

What is the name of your state (only U.S. law)? NY

I am in the early process of purchasing a vacant parcel of land from the owner, not an agent. There are no taxes due on the property. Payment will be part cash and part trade (a motorcycle). No loans are necessary. I know I need to have a title search, but do I need to have a survey? Will I need title insurance? Do I need to hire a lawyer for anything? Don't get me wrong-I have the utmost respect for lawyers, but I'm also frugal (read cheap!). I would appreciate any advice.What is the name of your state (only U.S. law)?

 

[justalayman]

but do I need to have a survey?

Need? no. You most probably should have one. Read through the RE forum to see how many people have problems with neighbors because nobody got a survey when they purchased the land.

Will I need title insurance?

again; Need? no. It's a good idea though and depending on all of the facts surrounding the land, might be a really really good idea.

Do I need to hire a lawyer for anything?

No but you can also operate on yourself and hopefully survive without a doctor.

Again, depending on the situation, an attorney might be a great idea or it might be a basic waste of money.

but I'm also frugal (read cheap!).

I used to be frugal. Now I admit I have simply become cheap as well. It is possible to be both.

I edited out the question about it being bare.


What type of deed is the seller intending on using to convey his interest?

 

[cybertoe]

lol

I can perform minor operations without a doctor. I can pull a sliver, take out stitches or lance a boil. I wouldn't attempt to put in a pacemaker or remove a tumor, not by myself anyway.

I just don't want to make this bigger than it has to be, and if I can save $700 or so by doing some things on my own, all the better.

 

[justalayman]

If you understand the risks and are willing to accept them, then no, you don't need a survey, title insurance, or a lawyer. Personally, I have bought property without any of the three and am quite comfortable with the purchase. In other situations, I wouldn't buy property without all three.

It's hard to give you a really solid answer without actually knowing everything that can be known about the situation which is impossible to convey on an internet forum.

 

[nextwife]

If you DON'T intend to ever put money into improving this property, and plan to use it only as hunting or camping land, you have little risk, other than the value of the land,, by failing to do proper due diligence.

However, I would not buy a home from my own mother without title insurance (not because she'd lie, but because SHE'S UNLIKELY TO KNOW AND UNDERSTAND EVERYTHING THAT COULD IMPACT TITLE, INCLUDING all set backs, rows, easments and deed restrictions that could impact placement of any improvements. Without proper due diligence you can't even know if it is legal to build there.

 

[FlyingRon]

I wouldn't take property from my sainted aunt without title insurance.