I was a property virgin when I suddenly found myself buying a 2.5 acre slice of South Florida from the owner of a real estate company.
Buying your first piece of real estate is a difficult, confusing, and draining experience. Doing so from a motivated seller who makes a living walking down this path is a little like riding your first roller coaster. You’re pretty certain you’ll survive, but still maintain a death grip on the safety bar.
My days quickly became peppered with real estate related errands that had to be run, and a full email report of the day’s progress going out in the evening. Moving money here, sending money there, sign this, notarize that, fax, scan, email. After 10 days of this, the deal went through without any major problems, and I was very pleased to hear the words: “Congratulations, you’re the new owner!”.
The best advise I could give any property buyer is to hire a real estate attorney to represent you. They will check the documents and guide you on what to do next and when to do it. Well worth the small fee for the peace of mind it brought.
My transaction was simple by real estate standards; unimproved property (No house), cash deal (No banks involved)
… Still, there were many steps.
A good source of information can be found here.