All Forum Posts by: Austin Hall

I am buying a piece of property located in Georgia from a seller in Florida who inherited the property from her ex-husband. The property is held under the name of a legal entity called "CCC Associates." However, she did not have a Tax ID for this corporation. My attorney said that legally we are not able to close the deal because of this. She was unwilling to get a tax ID for the corporation which troubled me a little. It seems strange that she would be unwilling to get a tax ID. So to resolve the issue she decided to quit claim the deed to herself and then sell it to me.

So I have three questions:
1. Why do you need a Tax ID to close the deal?

2. Would you have any hesitancy in buying this property knowing that there may be tax problems? Should I worry about having to pay for evaded taxes? From the research I did with the county she is behind on paying property taxes but it is not much.

3. Is there anything else I should worry about that I am not aware of?

One more question.

I offered to pay for the taxes. However, I don't want to pay for the taxes before the closing because what if something goes wrong? How should I handle this in the contract? Just state: "Purchaser agrees to pay taxes after the closing date?"

She is behind on paying the taxes but I know that neither of them are going on tax sale soon so I think I am safe with doing this.

Marelyn, thanks for the information.

Jaclyn, I am financing this myself.

Also, one other question... Do you know how to get deed information if I don't have a real estate license? I know how to drive to the clerk of courts office and look up a deed myself but for the sake of time I don't really want to do that. Is there a way to look up this info online or hire someone to do this for me?

Hey folks,

I love being able to look through these forums, they have been a big help!

I am about to start a contract on my first deal. The seller lives in Florida and she inherited several properties in Georgia from her ex-husband. I negotiated a very reasonable price and offered to pay for the closing costs and back taxes. I am using a real estate attorney who I know personally and I trust. I am also planning on obtaining title insurance on both properties. I have four questions:

1. The current owner does not have title insurance on either property. Do you think this will be an issue at all considering that I do plan on getting title insurance?

2. I want to be able to sell these lots to someone who plans to build on them so I went to view these properties myself. One of them has quite a slope but it looks possible to build on it in my (unprofessional) opinion. There were some trees but no huge trees that would hard to remove. Adjacent to the lot I plan to buy there was a neighbor who built a house and the slope on their land is similar. I checked the zoning so I know you are allowed to build on it. Do you think I should get a professional opinion from a builder before closing the deal?

3. How long of an "inspection period" is reasonable. If I plan to close in three weeks can I make the inspection period three weeks long up until the day of closing?

4. Is there anything else I need to do myself? Land survey, ect?

Thanks,
Austin

Thanks for the information. I will ask the attorney for an itemized list of the fees. Also, I will try negotiating on the closing costs. I just sent you a connection request Dzmitry. Could you send me any recommendations for RE closing attorneys in Athens? Thanks.

Hey,

I am interested in buying a property directly from the owner near Athens, GA. Am I required to use a lawyer in the transaction? Can I just create a contract myself? I would get a title check and do my due diligence either way.

If I do get an attorney to help in the closing of the transaction what are some ways that I can save money on the closing costs?

Thanks,

Austin

Hey y'all

Thanks for creating this community. I am excited about learning and growing from this site. I am a UGA grad with a degree in accounting. I am looking to do some investing in raw land on the side.