Consider what the capital gains taxes might be. If you intend to re-invest the money into another property a 1031 transfer might be advantageous to you.

quote:

Originally posted by midwest guy:
Get the property appraised and get a local attorney who does real estate.

^^^
Appraised by an official appraiser, not a broker. Brokers are paid on commission, not on opinions and most don't like to work for free. Appraisers cost a few hundred bucks. If I were the buyer, I'd want a survey too.
Several people have mentioned using a title company. Some states close that way, not with an attorney, but many do not. I have no idea how they do it in the OP's state.

https://www.amitree.com/articl...-and-closing-process

quote:

Originally posted by ArtieS:
Here in Florida, a transaction such as this would probably be handled directly by a title agent, not an attorney. In fact, an attorney would most likely involve a title agent, as they are the ones who do the title search, and who broker the title insurance policy.

Be careful when dealing with "Title Agents". Most, if not all real estate attorneys write title and are agents for title companies. A "title agent" often is not an attorney and therefore cannot advise on any legal issues.

I consistently run into Title Agents that are clueless and often times give their clients completely wrong information. Get a real estate attorney.

quote:

Originally posted by 08 Cayenne:
The property is in a very remote area. Nice if you want to get away but bad in the sense it is a target for vandals, thieves, and vagrants. I’ve had at least 25 issues from the above. I actually found a group of hunters staying in the cabin during deer season. No idea who they were but ran them off at gunpoint. Taxes and insurance but no opportunity to enjoy it.

That must have been a touchy situation. I have had people get in my face when caught on my property with them not knowing I was armed.

I had to use the my bad ass neighbor scenario that calls the Sheriff and they are on their way and should be here any minute. I told them to go out the back way which has thick briars and cover as it was getting dark.

Then there are the ones that run and you call out "Stop or I will shoot" and they run faster and trip and fall down.

I doubt an attorney is the right person to do an appraisal. If you want a formal appraisal, hire a certified property appraiser. But you'd have to pay for that, and it's overkill for this situation. If you just want a good independent read of the value of the property, get a realtor who knows the area. They can pull comps on similar properties to back it up.

quote:

Originally posted by midwest guy:
Get the property appraised and get a local attorney who does real estate.

I would check Zillows for property sold in the area to get an idea of what it is worth.

https://www.zillow.com/oh/sold/

People sell property without agents all the time, down here the title companies do everything, if you hire an attorney, you'll pay them and the title company they hire.

No reason to pay more, them or you than you need to get the job done, buddy does flip houses, he uses two different title companies to put together all the correct documents and file them...

My deal went off without a hitch but unimproved agriculture land is different than property with a structure. Signed the deed in front of a notary and picked up a cashiers check, little different from selling a car or boat.