FSOB What are the Legal Docs necessary (where can I get em)& what is the correct procedure in purchasing Land?

I am purching a property it is For Sale by Owner (FSOB). I already have the approval from the bank -A Residential Loan. The banker told me to ask if the seller had a preference for a title company. She said no, then days later said that she did not think that a title company was necessary.

You should know I have an appointment with the banker to ask him myself. I just wanted your input and maybe some sound advise.

The seller is selling "by owner" because she doesn't want to pay an agent and she thinks she knows how to do it better than any agent. You do not have an agent because the seller will not deal with agents. I can imagine the amount of mess and problems with this deal, but it's good because the next time you are buying or selling real estate you'll hire a professional to help you.

most states have a standard offer and acceptance form on their web site. I would get a title company, because you're going to need title insurance anyway if you're getting a loan. The loan officer could recommend a good title co. and also should be able to schedule any needed inspections, appraisals, etc.

It's FSBO, by the way.

You absolutely want a title company involved. This is essential because they will research the title and advise if the title is transferrable. They will work to clear up any clouds or liens. And they will make sure the person selling is eligible to sell the property. They also provide title insurance, that way if problems come up later, you are insured.

Title companies are essential in a real estate transaction. Realtors and attorneys may be optional, but not a title company.

Title insurance is essential and your lender will require it. The seller's thoughts on title or escrow use are not applicable. You will be using an escrow company and be getting title insurance.

In my experience, most title and/or escrow companies can provide you with the majority of state standard forms, they just can't help you fill them out.

Your state's Association of Realtors will also have legal forms available for purchase and you can usually buy a full packet. Try visiting www.Realtor.com to see if they have a link to the association where the property is located.

Ask your loan agent/banker if he/she can recommend a real estate professional (agent or attorney) that will charge you a flat rate for doing the purchase documentation paperwork for you. Better safe than sorry!

Hire a real estate attorney. If this seller doesn't think a title company (or attorney) is necessary, she has no clue what she is doing, and you MUST protect yourself. No one else will.

The lender will require title insurance or an attorney's opinion, depending on your state. So you'll have that part taken care of, my concern is whether this seller can even do this properly in a way to protect you as the buyer. I wouldn't give her any earnest money either. You can deposit it with your lender's title company if it's a requirement.