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Updated about 9 years ago on . Most recent reply

User Stats

97
Posts
11
Votes
Thomas Garza
  • Homeowner
  • Channelview, TX
11
Votes |
97
Posts

First Deal - Buying Land - Help

Thomas Garza
  • Homeowner
  • Channelview, TX
Posted

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.  

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