someone i know owns a small business in angleton which is on a small plot of land they rent from the owner. owner of the land has said they are considering selling. so they are thinking of buying it from the owner.

i've only purchased a house myself so not sure how it works buying a piece of land. do they just need to get a realtor for themselves to go through the process?

If they're dealing directly with the owner, I wouldn't get a realtor involve. Why tack on the added cost?

i think they'd be willing to do so themselves directly, but neither of them have any experience buying land or a home. process is all new to them.

i myself have only purchased a house using a realtor so i don't know what goes into a transaction like this. any advice or guidance is welcomed!

interesting, good to know.

any recommendations? i presume it doesn't matter if they are paying cash or taking out a loan?

Don't know any in Angleton. Maybe post in the Houston board.

We've purchased two commercial properties using a real estate attorney. They will want someone looking after their interest. They should be able to look up properties for sale in the area to judge market value but in the end it will come down to how much they want to stay in that location. I can give you my attorney's contact info but he is in Tarrant County.

I bet Red Pear would be interested.

bumping this thread.

story has evolved a bit for various reasons, and now i find myself as the one who is going to buy the land, haha.

i've spoken briefly to the owner but i am not really sure what the next step is. do i really need a real estate attorney?

sts7049 said:

---

bumping this thread.

story has evolved a bit for various reasons, and now i find myself as the one who is going to buy the land, haha.

i've spoken briefly to the owner but i am not really sure what the next step is. do i really need a real estate attorney?

---

I would. I know I come off as negative, but at the end of the day if you have something to lose you have to protect yourself. And part of hiring a lawyer is protecting yourself for unforeseeable scenarios going forward, not just for right now. This is equally important, and some might argue it is more important. Of course, I don't trust anyone and I lawyer up for everything now that I have a lot to lose.

A good real estate lawyer will facilitate everything, and because he/she is putting together the contract it will be controlled by your side in order to make sure your interests are covered. If you rely on the other party, or the title company's lawyer (Seriously...? Seriously???), then you will be 100% at the mercy of people who intentionally or unintentionally can screw you over. And you will have no idea it happened.

i'd appreciate recommendations for either one

CastleRock said:

---

Contrary to what you heard earlier in this thread, a good broker would be of tremendous value here.

---

Not discounting it this opinion, but I am curious why you would say that as compared to a real estate attorney?

03ki11erAG said:

---

CastleRock said:

---

Contrary to what you heard earlier in this thread, a good broker would be of tremendous value here.

---

Not discounting it this opinion, but I am curious why you would say that as compared to a real estate attorney?

---

I agree. I'm about to do a transaction selling my multimillion dollar CRE (with an exchange). Paying the stupidly high broker fees on that would be idiotic, and frankly, a huge waste of money. Now, if I didn't have the buyer lined up already on my own then they would have value, but otherwise it's a huge waste of money. IMO.

Plus, generally the seller pays the broker commission. Are you willing to pay that? Because I guarantee you the seller in your scenario wouldn't be.

Unless I'm missing something...?

bumping again. would really like any recs for a real estate attorney if anyone has one

My wife is a real estate attorney in Houston and does purchase and sale agreements all the time. I'll PM you her contact.

Edit: I'm not a Premium subscriber so I cant PM...shoot me your email address.

CastleRock said:

---

WoMD said:

---

03ki11erAG said:

---

CastleRock said:

---

Contrary to what you heard earlier in this thread, a good broker would be of tremendous value here.

---

Not discounting it this opinion, but I am curious why you would say that as compared to a real estate attorney?

---

I agree. I'm about to do a transaction selling my multimillion dollar CRE (with an exchange). Paying the stupidly high broker fees on that would be idiotic, and frankly, a huge waste of money. Now, if I didn't have the buyer lined up already on my own then they would have value, but otherwise it's a huge waste of money. IMO.

Plus, generally the seller pays the broker commission. Are you willing to pay that? Because I guarantee you the seller in your scenario wouldn't be.

Unless I'm missing something...?

---

Once you go past a million, it's usually 3% on the first million and 1% after. Buyer pays their own agent fees.

Good brokers do this every day and know what should be in the contracts and what shouldn't. Good brokers know what concessions are standard and what's overreach. Good brokers tell you when attorneys are just redlining the **** out of contracts. Good brokers keep deals from stalling out or falling apart over minor items.

Attorneys are a great resource to make sure you're not warrantying or representing something you shouldn't, making sure liability language is right, that cure remedies aren't one-sided..but they don't know anything about the real estate specifics of the deal.

Guarantee if you're not using one, you're missing something in the contract. Maybe something that won't come back to bite you on this deal, but it might on the next.

Also, brokers keep buyer and seller egos out of it and get the deal done faster.

---

$30k to broker a deal where a buyer and seller are already lined up? My attorney could do it for $2k or less.