Legal Question in Real Estate Law in California
Selling vacant land without a title search or Realtor
My husband and I have 1.25 acre of vacant land for sale which we own free and clear. We may have a cash buyer. How can we convey title to the buyer(s) legally without going through escrow, hiring a Realtor or paying closing costs? Can we simply have the trust deed notarized and sign it over to them. Then what - would we have the title recorded in the County Recorder's Office? Or is there some other simple way to do this?
We live in a rural area where land is not selling well and no local Realtor wants to list the land. The land is scenic, buildable, and priced fairly. We do not intend to make a profit but want to sell the land and not have to pay taxes on it any longer.
Thank you for your help.
2 Answers from Attorneys
Re: Selling vacant land without
yes, you can just sing a deed and trade it for a check but make sure it is a cashiers check to protect yourself.
Re: Selling vacant land
I agree with Mr. Koury's suggestion on getting a
cashiers check if you elect to proceed without a
broker or escrow.
Personally, I'd recommend against it, as there are
numerous procedural aspects of a real property
transfer that a broker and escrow can handle to
make your life easier.
For example, either you or the buyer will need to
pay a documentary transfer tax to the county in
which the property is located. There are issues
regarding the sale of real property to foreign
nationals or entities, and asssociated paperwork.
You'll need to reach agreement on pro-ration and payment
of property taxes now due or coming due on the
property.
Buying and selling property can be tricky under
the best of circumstances. I strongly recommend
that you consider the costs associated with a
broker and/or escrow as insurance that all the
necessary documentation has been accomplished.
The foregoing information is provided as an
accomodation only, and does not constitute
specific legal advice based on a review of all
relevant facts or documents. Further, provision
of the information cannot be construed to create
an attorney-client relationship.
Best of luck,
TWN