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Updated about 10 years ago on . Most recent reply
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no escrow cheap land
I'm selling northern California land for under $2k. The buyer sent me a grant deed to sign with a notary. How do I ensure that I get paid if I'm not using escrow?
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- Investor, Entrepreneur, Educator
- Springfield, MO
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What re you calling escrow?
You can not just hand a check over and hand a deed to a buyer, doesn't matter what the price is.
The days of the wild west are over, in fact a couple decades ago.
Are you doing the closing yourself to save money......are you filing tax reports, who is providing the closing accounting statement or HUD-1 as required by law, ever hear of the Patriot Act involving cash transactions and large cash transaction reports for money laundering? If an amount is over $1,000, it can be a large transaction, any amount can be questionable. I could go on as to the laws you may be tripping over, but I'm not sure what you're trying to do. Closing requirements have no minimum price for any exemptions from requirements.
I really suggest you call an attorney, a RE attorney, not get your closing advice off the internet.