Legal Question in Real Estate Law in Indiana
Selling vacant land
I have a person interested in buying land. They would pay cash. They want minimum costs. We have had a title search done in the last 30 days for a refinance. They are comfortable with the search. I will pay for the survey. What other fees would need to be paid? Who would issue new deeds and how do they get recorded? Do I need to send a copy of our new deed to our lender?
1 Answer from Attorneys
Re: Selling vacant land
I assume you want to sell land you own to someone else and that you currently have a mortgage on the land. You have title work from a recent refinance that is acceptable to the buyer. You, as seller, prepare the deed. The buyer records the deed. You are responsible for paying off your mortgage against the property at the time of sale. Normally, you need to contact your finance company to inform them of the potential sale to find out what the payoff balance will be on the date of sale. The finance company would prefer that you close at their office to assure payment. You also need to prepare an affidavit of title which warrants good title since the preparation of the prior paperwork.
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