My wife and I are looking to buy a vacant lot in a developing part of our county to sit on and build when I retire from the military in 6 years. We've identified a lot as part of a 20 home settlement and had initial discussions with the developer. The developer is not a full time developer and lived on the land for years before deciding to develop it. We have not discussed official prices, but the asking cost is reasonable and she has indicated that she would accept any reasonable offer. I'm not currently represented by a realtor and to my knowledge she is not either. I have a few questions that I would be appreciative if the community can help me answer:
1) Is there any reason to get a realtor?
2) If I forgo the realtor should I get a real estate attorney? Or just contact a title company?
3) In a normal transaction (ie, buying a house) the seller pays the buyer's agent 3%. Is it reasonable to ask the seller of this land to pay for my real-estate attorney fees? Is is reasonable to ask her to pay some portion of the 3% to me as a discount off the negotiated price?
4) Is there any special consideration I need to plan for? I'm already planning to have the land surveyed for boundaries and flood elevation/insurance reasons. Mineral rights are stipulated. There are 13/20 lots purchased already and 6/20 are already built on. To me this indicates clear titles and appraised values - but I'm interested if others see risk.
Thanks in advance!
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source https://www.reddit.com/r/RealEstate/comments/ck6t74/buying_a_vacant_lot_without_an_agent/
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