What Else Should I Be Looking For
I am under contract to purchase a multi family on Land Contract terms, very liberal and attractive terms, i might add. My questiona are;
1) Do i need to involve the Title companies, i already paid and have a title search done on the property and all is clean and clear. I have the LC forms and the Memorandum of LC forms, I intend to do the recording of the deal as soon as we signed the documents. What else should i be doing to protect myself for unforseen circumstances.
2) There 3 platted parcels of vacant land that the owner is selling with the property, i am not sure if make sense adding those properties to the LC of the lot that has been developed since all the lots have seperate titles.
Guys and Gals, whatdo you think. Quick please,
Popoola
Note: This was earlier posted to the wrong forum
1) usually people don't buy title insurance on LC land until the title changes hands.
2) I'm not sure I understand this question but if you are asking if these lots which are part of your understanding should be included in the documents the answer is yes.
Not a question you asked but you probably also want to get an up to date survey.
Thanks for the insight. My concern in this deal is that the undeveloped lots which i am getting with the deal could have a greater commercial value in the future, i want to have full control of the lots.