Legal / Real Estate question

Discussion in 'ten-forward' started by Acadia, Aug 25, 2005.

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  1. Acadia

    Acadia Registered Member

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    I need some opinions/advice on how to do something not computer related, or links to "how to" websites.

    My wife and I are looking to purchase some land in another state for retirement. We of course have contacted some realtors. If it were YOU who were doing something like this, would you also get hold of a real estate lawyer to represent you in case of, well, whatever it is that can happen.

    This will be a land only purchase and let's assume, although in reality we won't assume anything when the time comes, but let's assume that there are no hidden liens or ownership questions. Thanks.

    Acadia
     
    Acadia, Aug 25, 2005
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  2. Detox

    Detox Retired Moderator

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    I think the most important thing to determine the answer to your question would be the laws in the state where the property may be purchased. Real Estate law certainly isn't my specialty so I don't know a lot about it but I would find out how well protected the buyer is in that state - I'm sure it varies. Find out what's on the books in that state and go from there, IMO.
     
    Detox, Aug 25, 2005
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  3. Trekk

    Trekk Registered Member

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    Lawyer!!!! I would get one if I were you. Its better to spend a few bucks now, to save you a few thousand later.

    And no, I'm not a lawyer, nor do I play one on TV :)


    Trekk
     
    Trekk, Aug 25, 2005
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  4. bigc73542

    bigc73542 Retired Moderator

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    Since it is out of state I would have a lawer represent me for all of the little things that can pop up and bite you in the a##. Better to have any surprises found early than later on after the deal is done.
     
    bigc73542, Aug 26, 2005
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  5. big ed

    big ed Registered Member

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    As was already stated the laws vary from State to State. Every time that I purchased property I hired a separate Lawyer to do a Title search. In the State of Ma the Lawyer, if everything checks out to his satisfaction, attests to that fact so if at a later date you are assessed for any fees or moneys not paid by the previous owners, the Lawyer is liable to pay. You should shop around as fees vary widely.

    In one instance it gave me great pleasure to inform a Municipal Dept to get in touch with 'that Lawyer' when they tried to bill me for work done when the house was first built. The fee is a small amount to pay for peace of mind!

    Play on, big ed
     
    big ed, Aug 26, 2005
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