Real-estate purchasing help

Bigoldbeef
Hey guys. So I'm trying to purchase a vacant 1/2 acre lot that is adjacent to my house for $500.

The current owner owes $2500 in back taxes on the property that I was going to pay after my name was on the deed.

I don't really want to get a lawyer involved and end up having a ton of money in legal fee's on a $3000 investment.

I got on Legalzoom and was checking out their deed-transfer service. They have a stipulation where they cannot help if money is changing hands & they recommend contacting a title company.

Is using a title company a necessity?

Just trying to get this vacant lot for as cheap as possible.

I'm in Ohio if that is relevant.

Thanks!
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AZ35
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AZ35 6/19/2016 9:38pm
6/19/2016 9:38pm
Yes pay a title company, that way you know you have "free and clear" title to the property.

The title company basically warranties that the deed transfer is free of any lien's or encumbrances.

If you know the history probably not an issue, but if you are not sure or suspect the property may have had some "past" uses other than just a vacant lot- then get a phase 1 environmental survey done.

You don't want to buy it, then later find out it had an underground gas tank that leaked (for example). You would spend 10 times the purchase price (or possibly way more) to clean up the soil.
ns503
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ns503 6/20/2016 8:58am
6/20/2016 8:58am
How would you expect to legitimately buy this property without using a lawyer or title company?

The Shop

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Titan1
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Titan1 6/20/2016 10:08am
6/20/2016 10:08am
Reach out to a title company. That's the only way to go about it. No brainer.
newmann
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newmann 6/20/2016 10:36am
6/20/2016 10:36am
I bought the acre of cleared and improved land next door to my house about 15 years ago from a goober who was having a tough time getting financed to build a house. He had culverts set, trees cleared and probably 60 loads of dirt brought in and spread before it was left untouched for a couple of years. He ended up putting a bid on an existing house elsewhere and needed to dump the land for a down payment. He had the idea that I would just write him a check. When the transaction was handled at the title company, out of the $16,000.00 I paid, he ended up getting about 7 grand. He had a lien and past taxes outstanding. He appeared to be a tad bit pissed....Dizzy
motogeezer
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motogeezer 6/20/2016 12:02pm
6/20/2016 12:02pm
It seems like you could get the title directly from the county by paying the tax lien.

I'm sure there's more to it, but I'd look in to that before I got a bunch of people who will want to collect fees involved.
vetmxr
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vetmxr 6/20/2016 3:44pm
6/20/2016 3:44pm
Go to any title company and give them whatever purchase agreement that you two made up , this can be on a napkin, or whatever but any thing that spells out what each party wants. They should do all the rest and it shouldn't cost more than 3 or 4 hundred bucks. In the end you'll have a property that has been insured against title problems and believe me this is worth the money. I wouldn't buy property without title insurance, and I buy alot. This can be split 1/2 and 1/2 between buyer and seller. You don't need a lawyer....they charge more....
Titan1
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Titan1 6/20/2016 3:50pm
6/20/2016 3:50pm
vetmxr wrote:
Go to any title company and give them whatever purchase agreement that you two made up , this can be on a napkin, or whatever but...
Go to any title company and give them whatever purchase agreement that you two made up , this can be on a napkin, or whatever but any thing that spells out what each party wants. They should do all the rest and it shouldn't cost more than 3 or 4 hundred bucks. In the end you'll have a property that has been insured against title problems and believe me this is worth the money. I wouldn't buy property without title insurance, and I buy alot. This can be split 1/2 and 1/2 between buyer and seller. You don't need a lawyer....they charge more....
This is spot on!
Old-Man
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Old-Man 6/20/2016 10:03pm
6/20/2016 10:03pm
vetmxr wrote:
Go to any title company and give them whatever purchase agreement that you two made up , this can be on a napkin, or whatever but...
Go to any title company and give them whatever purchase agreement that you two made up , this can be on a napkin, or whatever but any thing that spells out what each party wants. They should do all the rest and it shouldn't cost more than 3 or 4 hundred bucks. In the end you'll have a property that has been insured against title problems and believe me this is worth the money. I wouldn't buy property without title insurance, and I buy alot. This can be split 1/2 and 1/2 between buyer and seller. You don't need a lawyer....they charge more....
Did this exact thing about 18 years ago, wrote on a paper tablecloth the estate deed and details, brought it to the title company, they went through the details and any unknowns and a few weeks later it was approved to buy.
Like "Brooks" said in Shawshank Redemption
"Easy peasy"
500guy
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500guy 6/21/2016 9:24am
6/21/2016 9:24am
another thing to consider is the taxes owed might have been bought by a private company that has to all be sorted out by the title company too.
jameslopez
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jameslopez 9/7/2017 5:15am
9/7/2017 5:15am
My father always says, while planning to sell or purchase a home, the first person one should reach out for guidance is a real estate agent. To avoid making rash and non-profitable decisions, it's always better to attend open house apartments Essex County NJ and take assistance from professionals rather than go through the cumbersome process all by yourself.
ns503
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ns503 9/7/2017 1:42pm
9/7/2017 1:42pm
jameslopez wrote:
My father always says, while planning to sell or purchase a home, the first person one should reach out for guidance is a real estate agent...
My father always says, while planning to sell or purchase a home, the first person one should reach out for guidance is a real estate agent. To avoid making rash and non-profitable decisions, it's always better to attend open house apartments Essex County NJ and take assistance from professionals rather than go through the cumbersome process all by yourself.
Dear. Mr. Spammer Lopez:

Bullshit.

Yours truly....
SEE ARE125
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SEE ARE125 9/7/2017 2:24pm
9/7/2017 2:24pm
jameslopez wrote:
My father always says, while planning to sell or purchase a home, the first person one should reach out for guidance is a real estate agent...
My father always says, while planning to sell or purchase a home, the first person one should reach out for guidance is a real estate agent. To avoid making rash and non-profitable decisions, it's always better to attend open house apartments Essex County NJ and take assistance from professionals rather than go through the cumbersome process all by yourself.
ns503 wrote:
Dear. Mr. Spammer Lopez:

Bullshit.

Yours truly....
But his daddy always says....
Old-Man
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Old-Man 9/7/2017 4:12pm
9/7/2017 4:12pm Edited Date/Time 9/7/2017 4:15pm
ns503 wrote:
How would you expect to legitimately buy this property without using a lawyer or title company?
..
Old-Man
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Old-Man 9/7/2017 4:13pm
9/7/2017 4:13pm Edited Date/Time 9/7/2017 4:15pm
jameslopez wrote:
My father always says, while planning to sell or purchase a home, the first person one should reach out for guidance is a real estate agent...
My father always says, while planning to sell or purchase a home, the first person one should reach out for guidance is a real estate agent. To avoid making rash and non-profitable decisions, it's always better to attend open house apartments Essex County NJ and take assistance from professionals rather than go through the cumbersome process all by yourself.
ns503 wrote:
Dear. Mr. Spammer Lopez:

Bullshit.

Yours truly....
SEE ARE125 wrote:
But his daddy always says....
It's only good when "Momma always said"

Enter Waterboy link here:Smile
Yes spammer brought this old thread alive
SEE ARE125
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SEE ARE125 9/7/2017 7:42pm
9/7/2017 7:42pm
ns503 wrote:
Dear. Mr. Spammer Lopez:

Bullshit.

Yours truly....
SEE ARE125 wrote:
But his daddy always says....
Old-Man wrote:
It's only good when "Momma always said"

Enter Waterboy link here:Smile
Yes spammer brought this old thread alive
Well she said "open house apartments Essex County NJ" is the devil.
Rockinar
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Rockinar 9/8/2017 5:55pm
9/8/2017 5:55pm
I'm no buying expert buy wouldn't you want a survey of the lot too so you know what you are actually buying instead of taking the seller word for it?

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Cygnus
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Cygnus 9/9/2017 2:54am
9/9/2017 2:54am
Where's the Beef? Did you end up buying?
m.hardesty16 9/9/2017 2:23pm
9/9/2017 2:23pm
So your trying to buy an empty half acre lot next to your house for 500 bucks?

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