Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated about 9 years ago,
First Deal - Buying Land - Help
My wife and I have been keeping an eye on a vacant lot in our neighborhood which is currently behind on its taxes. I spoke with the owner 6 months ago after sending him a yellow letter, and he was looking for considerably more than I was willing to pay. I noticed that he still hadn't paid the past taxes, so my wife and I decided to call him again. This time he said that he would sell us the property, as long as we pay off all of the back taxes!
I think this will be a very good deal for us, but since this is our first deal, I have many questions:
* Are we able to transfer the title with the taxes still due, or do we have to pay them first?
* How do we find out if the title has any other liens on it?
* We are planning on paying cash for the deal, so do we just give him the money and he signs the title (like a car)?
* What am I missing? Are there any other gotchas that we need to know about
Thanks for everyone's help. I know these seems like silly questions, but since I have never completed a deal before, all of this suddenly seems overwhelming.