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Looking for some advice from someone with experience.
Facts : One Acre lot to be purchased in Granville County, Wake Forest.
Purchase Price is $1,500.00, payment in cash, not financed. There will not be a home on the lot. It does not perk, so a well cannot be drilled. It's adjacent to our own home and we're hoping this will increase the value by adding an acre to it. No structures will be built on the property.
Can someone give me an idea of the closing costs associated with this. I don't think we'll nee a survey done, the markers are still in the ground.
Do we need an attorney for this?
I feel a little silly, but I thought since it was a small amount and a cash purchase we could just do it with a notary. But a quick google search has proven otherwise, possibly.
to protect yourself & your investment (& face it, this would be an investment), it would be worthwhile to have a survey done as well title search to confirm that title is clean. most attorneys will do closings for anywhere from $400-600. you could technically get by with doing a non-title deed & recording it yourself but beware as title issues could be a problem down the road were you to sell the property. i can't tell you the number of real estate closings & title issues that i've seen arise when people try to do it themselves & pretty much have no clue what they are doing.
to protect yourself & your investment (& face it, this would be an investment), it would be worthwhile to have a survey done as well title search to confirm that title is clean. most attorneys will do closings for anywhere from $400-600. you could technically get by with doing a non-title deed & recording it yourself but beware as title issues could be a problem down the road were you to sell the property. i can't tell you the number of real estate closings & title issues that i've seen arise when people try to do it themselves & pretty much have no clue what they are doing.
Ditto on the survey and title considerations.
Some of the "simple stuff" gets difficult when corners are cut.
You can probably get a little lower fee from a closing attorney since you are writing a check without financing.
You can probably get a little lower fee from a closing attorney since you are writing a check without financing.
good call. you are probably right. for a deed-only closing (which is what this is) they may do it for $350 or so. $350 for attorney + $350 for survey will go far in protecting your investment.
I recommend getting the survey done and...yes and.....having a single legal description written up combining both parcels of land into one lot (This will help down the road with title research on the property). I also recommend getting a lawyer to do the title work and make sure the new deeds are written up well and recorded properly.
I would agree that the cost of the lawyer and survey should fall in the $800-$1200 dollar range.....put even paying a total of $2500 for an acre lot is a good investment when I would bet that your total house lot will increase in value from $20-30K.
You can have a title company do all the work and close there. You do not need a lawyer.
Not exactly.
We typically use attorneys for settlement and closing, and that includes title companies who have to use an attorney too, so are owned by attorneys.
Why pay more for a title company anyway? I prefer to have an attorney at the settlement table, rather than just a notary with an attorney on speed dial.
Not exactly.
We typically use attorneys for settlement and closing, and that includes title companies who have to use an attorney too, so are owned by attorneys.
Why pay more for a title company anyway? I prefer to have an attorney at the settlement table, rather than just a notary with an attorney on speed dial.
Everything is negotiable. Have the seller provide the survey, the title search and title insurance and you can negotiate the cost. Once you have those three, all you need is a general warranty deed which you do not need a lawyer to fill out and those forms are available for free. If the deed is under 15 pages it only costs $50 to register in Wake County, probably less in other counties. http://goo.gl/C8zgi
"Before a policy of title insurance can be issued in North Carolina, a title examination must be conducted under the supervision of an independent attorney licensed to practice law in North Carolina." Explanation of North Carolina Title Insurance
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