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Updated almost 6 years ago on . Most recent reply

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Mike B.
  • Richmond, VA
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Buying a small piece of land FSBO - what do I need?

Mike B.
  • Richmond, VA
Posted

Hi all, long time no post. I am buying a small piece of land FSBO. I figured I could find a generic contract somewhere. I don't plan on engaging an agent I did a similar (not exactly) transaction 20 years ago and recall it wasn't too hard. So, I need a contract, I assume I will do a title search, have the land surveyed, hire a lawyer (I have one through work that will do RE stuff) to deal with title transfer and filing or is that someone else?

Any help appreciated.  I am paying cash and want to get the seller a contract and good faith deposit this weekend.

Thanks all!

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Steve Vaughan#1 Personal Finance Contributor
  • Rental Property Investor
  • East Wenatchee, WA
16,112
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Steve Vaughan#1 Personal Finance Contributor
  • Rental Property Investor
  • East Wenatchee, WA
Replied

I just googled 'purchase and sale agreement vacant land Virginia' and found a perfect pdf. It took me straight there so couldn't copy the link to post here.

Make sure you're  not doing a residential or improved property PSA. Completely different.

Take the signed contract and earnest money to a title co. Ask them about other standard disclosures that need to be completed.  Get a survey if not standard lot and block and definitely get title insurance.  You have some of the oldest land in the country out there. 

Congrats not using a realtor.  There are a few of us out there still going solo!

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