Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Tax, SDIRAs & Cost Segregation
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 9 years ago on . Most recent reply

User Stats

21
Posts
2
Votes
Tenzin Yangzom
  • Real Estate Professional
  • Shirley, NY
2
Votes |
21
Posts

Closing without a lawyer in nys

Tenzin Yangzom
  • Real Estate Professional
  • Shirley, NY
Posted
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

User Stats

16,433
Posts
12,718
Votes
Ned Carey
  • Investor
  • Baltimore, MD
12,718
Votes |
16,433
Posts
Ned Carey
  • Investor
  • Baltimore, MD
ModeratorReplied

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.

  • Ned Carey
  • Loading replies...