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Updated almost 7 years ago on . Most recent reply

User Stats

12
Posts
1
Votes
Josh Wood
  • Inspector
  • Oneonta, NY
1
Votes |
12
Posts

First land deal advice please

Josh Wood
  • Inspector
  • Oneonta, NY
Posted
I have been in talks with a guy who purchased some rural land through a tax auction years ago. He never paid taxes on this land and is now at risk of losing it at a tax auction if he doesn’t pay the taxes by May. He says he needs 8K for the land. I spoke with a local real estate agent who says that it’s worth about 22K. I spoke with the local abstract company. They will do a deed search (40 years) for $375 and the tax search to see exactly what needs to be paid for $25. I’m meeting the land owner on Friday to walk the land and make a deal. I have all the funds. What should the contract include? I was thinking that I just need to state the parcel number, address, price, etc. Am I missing anything important? Thanks in advance.

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