Land purchase thoughts

[thatguy]

they accepted my offer BUT they want us to pay closing cost.. Which wont be that much i believe..

A quick search online shows the following costs

Closing fee
Title examination
Title insurance (optional I think)
Registry of Deed
Town/locality tax

Any idea on what each of this would cost? Is that a complete list of costs?

I have a plat of the land and since the lot is next to us, I know where the corners are on my side. And I know about where the other corners are based on the plat (shows distances in feet).

Would you do a survey?

Speaking of the survey - on the plat they have darkened circles at the property lines.. They also have unshaded (not filled in) circles at various places along the property lines. What are these unfilled in circles? Both circles are referenced in the measurement of distances.. Could the unfilled in circles be actual 'corner pins'?



thanks

Brian

 

[IslandTractor]

Congratulations. Closing costs vary locally. In my experience they run into the many hundreds and perhaps over a grand but not more than that unless you have attorney's fees etc. Depends somewhat on the final price.

I'm sure you will be very happy that you did this in the long run.

 

[dave1949]

That's pretty good news!

I think title insurance is required when a lender is involved as a CYA for them. It is not expensive and I would go for it. Never know what can come out of the woodwork on land ownership.

I can't give you any estimates on the costs, they will be a nuisance but not deadly

No idea what is circled along property lines. I have seen plats where soil tests were done across a newly platted subdivision. Those are marked usually with a legend reference to soil type, etc.
Dave.

 

[thatguy]

I got a neighbor to help me locate all of the survey corner posts (iron pins), so I dont see a need for the survey..

thanks

 

[dave1949]

I got a neighbor to help me locate all of the survey corner posts (iron pins), so I dont see a need for the survey..

thanks

It doesn't sound like one is needed if you can see all the pins and they make sense. Maybe take a 100' tape, and a helper, and verify some of the distances yourself as a bit of a check.
Dave.

 

[thatguy]

It doesn't sound like one is needed if you can see all the pins and they make sense. Maybe take a 100' tape, and a helper, and verify some of the distances yourself as a bit of a check.
Dave.

I was too ignorant to know that there suppose to be pins there, so I had used a 100' tape from where I sorta knew my line was and I was about a foot off. So they pins are where they should be..

brian

 

[buckeyefarmer]

In my area the bank requires a "survey", which is usually about $300 for the original surveyor to stamp a copy of his survey for the bank to have. THey don't actually come out and resurvey. your area may be different.

 

[thatguy]

In my area the bank requires a "survey", which is usually about $300 for the original surveyor to stamp a copy of his survey for the bank to have. THey don't actually come out and resurvey. your area may be different.

We are using a new local bank "F-I-L" that wont require a survey... im sure there are no other banks around like it that are offering 3% loans, especially since it is my Father-In-Law LOL

I was more worried about the property lines, but since I found the corner posts I dont see a reason for a survey..

Brian

 

[Ridgewalker]

Boy that was easy! Nice job on your addition! Having more land is never a bad thing!

 

[dave1949]

We are using a new local bank "F-I-L" that wont require a survey... im sure there are no other banks around like it that are offering 3% loans, especially since it is my Father-In-Law LOL

I was more worried about the property lines, but since I found the corner posts I dont see a reason for a survey..

Brian

That's great to get that kind of support from your family. My FIL used to call me his favorite son-in-law - my wife is an only child, so that meant I was the worst one too He was a really great guy.

Did you happen to see any plastic caps on the pins with a number or surveyor's name? Around here, all recently surveyed lots will have those caps on the pins. If they aren't there, no cause for alarm, if they are, even better.
Dave.

 

[warhammer]

Congratulations!
Sounds like a couple of thousand in closing costs. No realtor involved right?
I would get a survey for piece of mind. The bank and/or title insurance company may require it.
Call around for the surveyor. I bought a small industrial lot a few years back and survey quotes ranged from $500 to $1100.

Warhammer

they accepted my offer BUT they want us to pay closing cost.. Which wont be that much i believe..

A quick search online shows the following costs

Closing fee
Title examination
Title insurance (optional I think)
Registry of Deed
Town/locality tax

Any idea on what each of this would cost? Is that a complete list of costs?

I have a plat of the land and since the lot is next to us, I know where the corners are on my side. And I know about where the other corners are based on the plat (shows distances in feet).

Would you do a survey?

Speaking of the survey - on the plat they have darkened circles at the property lines.. They also have unshaded (not filled in) circles at various places along the property lines. What are these unfilled in circles? Both circles are referenced in the measurement of distances.. Could the unfilled in circles be actual 'corner pins'?



thanks

Brian

 

[clemsonfor]

Times are tough... We have lots next door priced at $200,000 for 1/4 acre lots... Yep, on the golf course fairways. Not selling. Great views... Not selling. Again, times are tough, We buy basic foods, (eat pretty good) Girl stuff and I have soap in the shower. Offer 60% less than asking offer.

mark

On a golf course. I still dont understand why people pay a premium to live on a golf course? :confused2: Maybe its the fact that no one can build behind your house and you always see pretty greeen cut grass. But a decent house on 1/4 acre leaves you like 30 feet of yard till the rough. Then you have shankers hitting balls off your roof and windows or cars (trust me i know, i use to play golf and be one of those, i always was nervous when houses were on a fairway) then they get in your yard or the edge to hit their balls. Not where i would want to be.

 

[clemsonfor]

they accepted my offer BUT they want us to pay closing cost.. Which wont be that much i believe..

A quick search online shows the following costs

Closing fee
Title examination
Title insurance (optional I think)
Registry of Deed
Town/locality tax

Any idea on what each of this would cost? Is that a complete list of costs?

I have a plat of the land and since the lot is next to us, I know where the corners are on my side. And I know about where the other corners are based on the plat (shows distances in feet).

Would you do a survey?

Speaking of the survey - on the plat they have darkened circles at the property lines.. They also have unshaded (not filled in) circles at various places along the property lines. What are these unfilled in circles? Both circles are referenced in the measurement of distances.. Could the unfilled in circles be actual 'corner pins'?



thanks

Brian

There all different, if you can see the pins and they make sense with a tape dont get a survey, here even if you finace you dont need one. The title exam fee is several hundred probly the title insurance is probly $300-500. This protects you incase he put that land up as collareral or something or there was a lean or something that got through the cracks on the title search, that money was owed and attached to the land and now you owe it even if you have nothing to do with it. Deed registry probly a couple hundred, the closing fee by the bank i would guess to be several hundred, and the county tax you should know just from your tax bill if you have similar acerage. This varies all over, but you can look it up at the courthouse or online if yall are in the 21st century. So my guess is $1000-$2000 in closing costs.

 

[warhammer]

That reminds me of the time I was at the settlement of a residential lot my wife and I were selling. The title company completely missed the fact that I had an $11000 loan on the lot. There were some red faces in the room when I mentioned it. ;o} Check the paperwork over carefully.......

There all different, if you can see the pins and they make sense with a tape dont get a survey, here even if you finace you dont need one. The title exam fee is several hundred probly the title insurance is probly $300-500. This protects you incase he put that land up as collareral or something or there was a lean or something that got through the cracks on the title search, that money was owed and attached to the land and now you owe it even if you have nothing to do with it. Deed registry probly a couple hundred, the closing fee by the bank i would guess to be several hundred, and the county tax you should know just from your tax bill if you have similar acerage. This varies all over, but you can look it up at the courthouse or online if yall are in the 21st century. So my guess is $1000-$2000 in closing costs.

 

[lakngulf]

Glad it is working out for you.

 

[thatguy]

We signed the contract yesterday and everything went to the closing agency today..

After talking with the sellers yesterday, I dont think they would not have dropped the price much lower than we offered.. We paid a premium, but the peace of mind is worth it for the next 30 yrs.. LOL ..

My wife reminded me that when they originally bought the lot we didnt even know it was for sale until it was too late.. I would have hated hold off and then they sell it without even having a chance..

thanks for all the help
brian

 

[IslandTractor]

We paid a premium, but the peace of mind is worth it for the next 30 yrs.. LOL ..

Very reasonable attitude. Some things are worth paying a bit extra for. Land to preserve your view would rank right up there with good beer and wine. Life is too long to A) look at an ugly house next door, B) drink bad beer or cheap wine.

 

[clemsonfor]

Now buy those other 2 for 20K a piece if you can afford it and hold onto them for 5 years to get all the forsale vacants out so that land values will go up, and when the economy turns around and property climbs put them up for sale one at the time and then maybe you can pay for the lot you just bought!! Of couse this idea takes $$$ which for most is tight now.

 

[thatguy]

Now buy those other 2 for 20K a piece if you can afford it and hold onto them for 5 years to get all the forsale vacants out so that land values will go up, and when the economy turns around and property climbs put them up for sale one at the time and then maybe you can pay for the lot you just bought!! Of couse this idea takes $$$ which for most is tight now.

You are so correct.. IF we had the money the other lots would be a good 'long term' investment.. when the economy turns around they will be worth $40k-ish or more (which is what all of the other lots that sold went for)

Before the lot we bought came on the market I tried to get my wife to think about them but she declined.. She had seen a lot for about $60k in a subdivision on Smith Mtn Lake (the lots were NOT on the lake but the subdivision was and had a community boat ramp)..

BACK STORY - She would really like to have a boat - but I am totally against it.. for no more than we boat, its much cheaper to rent (like i was told once... "if it floats or flys you are better of renting" (i left the 3rd 'f' word out of that though LOL).. She also does NONE of the upkeep/maintenance.. She just want to get in the boat and go..

She thought it would be great to have a lot with lake access.. for $5 you can launch at the state park.. Also the potential for increased value is way less on a $60k lot than a $20k lot..

Brian

 

[beppington]

You've got 1 & a half tractors, & she can't have a lil' ol' boat?!