Nothing takes the place of experience but if you are a beginner at buying and selling property, you need to know about contract negotiations if you don’t use a licensed realtor. The fact that you must pay a realtor a commission keeps some from wanting to employ one. I understand this when it comes to saving some money; however, if you ever have a contract for land and it goes bad because you did not understand some of the language in the contract, that six percent you would have paid a realtor that would have caught the error would seem cheap!
During the looking phase of Texas land buying there is homework that must be done on closing the land transaction. The sales price negotiation, title company, closing attorney and deposit are likely to cause a headache or two. Your contract should cover every possible situation. Keep in mind roll back taxes, even though in my opinion is seems a very unfair system. That’s a discussion for another time. If you are attempting to buy or sell this land for sale in Texas without a realtor, at least ask some advice on the contract. Try help from a title company, since you have to hire a title or abstract company to get the closing started anyway. Many times the title company is owned by a local attorney and they probably have a closing contract that they are familiar with and like to use. That will make it easier on you and less likely to run into problems at closing.
Please let me warn you of a few things to keep in mind before you sign a contract. Remember that after you sign a contract it could be as bad as „Katie Bar the Door“. Let me tell you from experience that I have let something slip by on the contract and believe me, not good. You definitely want to be clear of the time frame of the closing. If you don’t have financing arranged or predicate the contract that you will be able to get financing. I have bought and sold a lot of land in Texas and I suggest that you predicate your contract if you are a novice at this.
When buying land for sale in Texas be careful when signing documents, especially the buy sell agreement. This is also the contract of the sale and purchase of real estate. If your inexperience comes back to bite you, this paperwork can cause years of misery and financial ruin.
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Source by Chuck Magee