Closing without a lawyer in nys
Hello there, I've found a house for sale for only 25,000 and I would like to close it with cash, wondering if I need to hire a lawyer or not. Previously I've bought few houses for 200,000 and used a lawyer for 1,000. The house that I am looking to buy its across the street from where I live and the owner is willing to give me all the tax receipt and right now they are using the house for storage.
Thank you for for advice in advance.
Most Popular Reply
How do you know the person really owns the property? How do you know there are not judgements against the owner or a mortgage, or perhaps back taxes. Closing without a full settlement at a title company is generally a VERY bad idea. You certainly will not get title insurance.
An experienced investor, with knowledge about titles, can get away with it in certain circumstances. However this is one of those questions where if you have to ask it is clear you do not have the knowledge to do it yourself.