Land Purchase (Agreement / Esrow) Question
I am interested in making an offer for a parcel of land over the weekend. This parcel is going on sale at tax sale auction in about a month from now. (This is in CA). I would like to make an offer to the owner over the weekend, and, assuming that my offer is accepted, I have the following two questions:
1. What should I get the owner to sign (that would hold the power of a legal agreement should the owner change his mind in a few weeks) to indicate that the owner agreed to make the sale at the specified amount etc.
2. I assume that I do not have enough time to go through the escrow process since this parcel is going on sale in a month from now, and I need to get the title transferred and pay the delinquent taxes to the county. I am willing to forgo the escrow, pay cash, and get a title for the land. Would I still be able to get title insurance? What documents should be signed to get this done? I intend to complete step (1) first, and then meet seller at the attorney's office on a weekday to get the rest of the paperwork done, but I would like to have an idea as to what that paperwork will be.
Any ideas? Thank you!
I always use a Offer to Purchase, with all my wants in writing.
I have been able to close escrow in three days (been a full-time investor since 1988) with the contacts I have.
Whose attorney’s office are you meeting at? If it is yours, he should be able to advise you of the forms and procedures. Assuming of course he is a Real Estate attorney. I not then, then I would be very careful about trying to by this property with your lack of knowledge in this time frame.
If you can get the Offer to Purchase signed with the contingency you that the tax sale will be stopped upon your payment of the tax delingency. Verify this with the Tax Collector before you pay. If possible try to get this in writting from the Tax Collectors office).
Need to do a Title search prior to Offer to Purchase.
Yes, you need to do the title search, or even better have a title company do it for you. And confirm the status of the tax sale. But you should have done that before the meeting.
Dispense with the written agreement all together, meet at the title company, give them the money get a title. Record it. Wham,bam you're done.