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Steps to buying tract with cash

1,646 Views | 10 Replies | Last: 3 yr ago by Win At Life
CenterHillAg
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9:13a, 10/31/22
AG
I'm buying a 3 acre tract from a friend with cash. It's a piece he inherited 10 years ago that he owns free and clear, with a recent survey done. Is this something I need to get a title company involved with, or is there a contract we can sign and take to the courthouse to transfer the deed?
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MS08
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9:51a, 10/31/22
AG
Get a title company involved. You want to receive a title commitment to make sure title is free and clear and title policy/insurance in place. Never know what happened in the past, especially on inherited property, so if something comes up down the road, the title policy covers you. Otherwise, you leave yourself open to potential problems down the road. Involving title policy is risk management play.
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flashplayer
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10:23a, 10/31/22
AG
Title is not that expensive in the grand scheme. Definitely worth it every time.
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CenterHillAg
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10:43a, 10/31/22
AG
Thanks, called a title office and got the ball rolling.
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MS08
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In reply to CenterHillAg • 12:09p, 10/31/22
CapitalFarmCredit
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10:39a, 11/1/22
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Win At Life
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In reply to CenterHillAg • 12:07p, 11/2/22
AG
CenterHillAg said:
Thanks, called a title office and got the ball rolling.
You can legally transfer a title by just filling out a one-page form and paying about $5-50 at the county court. I've done it on a property where my legal entities were on both sides. But yeah, for what you're doing, a title company is cheap insurance. But once you know that clears, you can make the transaction at the courthouse without getting anyone else involved.
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Martin Cash
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In reply to Win At Life • 1:54p, 11/2/22
AG
Win At Life said:
CenterHillAg said:
Thanks, called a title office and got the ball rolling.
You can legally transfer a title by just filling out a one-page form and paying about $5-50 at the county court. I've done it on a property where my legal entities were on both sides. But yeah, for what you're doing, a title company is cheap insurance. But once you know that clears, you can make the transaction at the courthouse without getting anyone else involved.
Huh? If the title company is insuring the transaction, they're going to close it. You can't just walk over to the courthouse.
The heart of the wise inclines to the right, but the heart of the fool to the left. Ecclesiastes 10:2
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normaleagle05
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In reply to Martin Cash • 2:39p, 11/2/22
AG
I suspect that is what the use of a Quit Claim Deed looks like on a message forum.
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Martin Cash
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In reply to normaleagle05 • 3:03p, 11/2/22
AG
normaleagle05 said:
I suspect that is what the use of a Quit Claim Deed looks like on a message forum.
If I were king of the world, I would make the possession or use of a QC deed a capital offense.
The heart of the wise inclines to the right, but the heart of the fool to the left. Ecclesiastes 10:2
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Win At Life
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In reply to Martin Cash • 12:42p, 11/3/22
AG
Martin Cash said:
Win At Life said:
CenterHillAg said:
Thanks, called a title office and got the ball rolling.
You can legally transfer a title by just filling out a one-page form and paying about $5-50 at the county court. I've done it on a property where my legal entities were on both sides. But yeah, for what you're doing, a title company is cheap insurance. But once you know that clears, you can make the transaction at the courthouse without getting anyone else involved.
Huh? If the title company is insuring the transaction, they're going to close it. You can't just walk over to the courthouse.
That is probably correct. I didn't use a title company. Once you hire them, I suppose that's where it takes place.
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