Rehabbing & House Flipping
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 7 years ago,
Cash purchase on out of state vacant land - question about paying
I am trying to finish up my first transaction on buying a small, cheap piece of vacant land in Texas (I'm in another state). I have a purchase agreement signed and will be using paperwork from Rocket Lawyer or a similar site to make up the warranty deed paper work. I've found information on how to close most of this transaction on my own, due to the cheap cost going through lawyers and other avenues would double or triple my costs.
That leads me to my question. I will be paying the seller through wire transfer, however what is the typical sequence? Do we complete the deed and then I send him the money, or vice versa? If I do send him the money first what would happen if he decided to pull out and take my money? This may be a basic question but I am learning as I go, and can't find this information through a google search or search of the forum. Any help would be greatly appreciated!