Paperwork to purchase a condemned property

[Lisa Brooks]

For about 18 months I've been working on buying a condemned house on a half-acre property right next door to our place. Finally, looks like I have a deal.

The owner, we'll call him Mr. Big, is a real estate investor from way back. Rural and small town properties. Here's what he says we need to do to transfer the deed over to me.

To note: the property is in Mr. Big's two sons names, not his. So I'll purchase it from them.

Mr. Big thinks we can get this deal done within 10 business days. Here are the steps he proposes:

1. 1) Mr. Big will pay for and get title insurance.
2. 2) Mr. Big will pay for his lawyers to do the paperwork needed to transfer ownership to me. He said this would be a simple transfer of deed.
3. 3) Mr. Big's sons will sign as needed.
4. 4) I bring two $14k checks - one for each son - and sign where needed.
5. 5) The lawyers notarize and file everything.
6. 6) Done.

Mr. Big says this will be straightforward because I'm buying the place in cash, as is, and because there is no issue with the title - his sons' own the place outright/free-and-clear.

I know that cash deals go much quicker than financed ones because it's simpler. But is this really all you need? Does this all sound right to folks? Is anything missing? I'm wondering about taxes. 

Appreciate any insight/advice about how to ensure that I legally own this property when all is said and done. 

Thanks for reading!