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Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 41537
Experience:  Texas Attorney for 30 years dealing in real estate
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I have some land and the couple next to it wants to purchase

Customer Question

I have some land for sale and the couple next to it wants to purchase the 37 acres. Right now they are building a house and the husband is on a navy ship. They said they will pay cash for the property in June 2016. They have renters in their house in Virginia who is going to purchase it. Which forms do I need for their intention to buy and how much money should I ask for a down payment to make sure they are serious. Also, since the husband is deployed will it be legal if the wife signs the form?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Ray replied 1 year ago.

Hi and welcome to JA. Ray here to help you today.Is the land here in Virginia here too??

Customer: replied 1 year ago.
No, the land is in Texas
Expert:  Ray replied 1 year ago.

Give me a minute.

Expert:  Ray replied 1 year ago.

So if this is raw land here is sales contract..

I suggest you ask for $1k earnest money and you can set the closing date for June, 2016.Thats reasonable for holding the land off the market.I would use local title company and they can deposit earnest money with title company.You are likely going to need a new survey if it hasn't been surveyed in awhile.You could do thin between now and June, negotiate closing costs here, that needs to be in the contract.

Locate title company have them review and send sales contract and tell you whether a new survey is needed.They will send contract to buyer and receive earnest money and hold it here.This can be done even if he is at sea, they get mail in most cases if it is a surface ship, or it can be emailed to him for signing.

This is the standard sales contract used by realtors here in Texas and would be recognized by a local title company.

Stewart Title is a large national company with branches all over Texas if you need an example.

I appreciate the chance to help you today.All closings these days are by mail or email and you can do this remotely if you need to.

Title company when time comes needs your bank account to wire funds after closings.You get your money within 24 hours after closings these days.

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