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Dana's Forum Posts: 5

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By Dana on 9/13/2005


An offer letter that I sent out to the owner of this lovely vacant lot was recently accepted.  Now I don't know what to do.  I know that I do not want to pay some real estate agent realtor fees and I need some type of legal support in case this lot is not buildable. 

Should we contact a real estate lawyer to draw up a sales contract?


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By Bruce in Union, WA on 9/13/2005


HI,

Your next step would be to draw up a contract. It is a fairly simple process. You

can get a Real Estate Sales Contract legal in all 50 states from an office supply

store. In it you will fill in the amount, the closing date, the contingencies and any

escrow amount that you have decided on. As for the contingencies, unless you have

checked out all of the possible issues with the lot; (power, access, zoning, water, sewer etc...)

you will want to insert a feasibility study contingency. This allows you 30, 45 days to thoroughly

check out the property to ensure you can do with it what you are planning to do. I would also

put in a statement that allows you to do a perk test if needed. After you have filled out the contract,

 there is no need to see an attorney until you have decided for sure that you want to purchase the

property. The reason being is that the feasibility study allows you to back out of the contract at your

will, without losing your escrow money. It allows you to check for any and everything that you deem

important.

Also state in the contract that you and the seller will be splitting closing cost equally, unless you both

have already agreed on something different.

Next, all parties sign it, and you and the seller head to the escrow/Title Co. You will need to have a

 cashiers check made payable to the Escrow Co, usually drawn on an in-state bank, for the amount of

escrow you and the seller have decided on. ($500.00 or $1000.00).

From there the Escrow and Title Co. do the rest. Make sure your closing date is no sooner than 3-4

weeks past the end of your feasibility deadline. Do a thorough feasibility study, ask alot of questions

at the county, city etc.... And then before you write out the final check, consult an attorney to make

sure you haven't missed anything.

 

Hope that helps.


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Dana's Forum Posts: 5

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By Dana on 9/14/2005


WOAH!!!  Thanks a billion.  You truly put things in perspective for me.  The seller offered to sell the land we are interested in along with several other tax parcels.  This is all new to us.  We keep hearing that lot and tax parcel are totally diff. things
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