Bill or John HELP!! Land Purchase in Texas - Posted by Clement (NYC)

Real Estate Investing Real Estate Law
#1

Posted by JHyre in Ohio on March 08, 2002 at 05:41:50:

I’d set up an LLC. TX counsel is preferable, but given your timetable, I’d use local people and have Texas attorney review it later. The LLC won’ be done by tommorow unless you can get someone to walk it to the Texas Secretary of State TODAY. You’ll have to close in your name and convey to LLC once it’s set up…probably means extra transfer taxes. I would get liability insurance, you may not need the title insurance if the aution company is established enough to be able to cover flaws in title AND their guarantee is good.

John Hyre

#2

Bill or John HELP!! Land Purchase in Texas - Posted by Clement (NYC)

Posted by Clement (NYC) on March 07, 2002 at 17:20:11:

I just bought 20 acres of a Texas Ranch LAND in Pecos County, Texas from an auction yesterday. I need to pay the seller within 2days. I told the seller I want to put this in a Trust and have a single member LLC act as the trustee.
My questions are:

  1. Would this be the way to do it? and can you give me the process of doing this? if this isn’t the way to do it, what would you recommend?

  2. Should I just set it up in a LLC? I’m not too worried about being found. Or should I be?

  3. Do I need to hire a licensed Lawyer from Texas to set up the Land Trust and LLC? or can I hire a Laywer from my local area (NYC)even though he may not be licensed in Texas?

4)If I do need to hire a licensed lawyer from Texas, do you know of anyone there knowledgeable and cost efficient?
If I can hire any Real Estate Lawyer, do you offer these services? and how much?

  1. Can the set up be done within two days (by Saturday)?

  2. What information do you need from me to get started?

  3. Auction company “guarantees” title to be free and clear. If it’s not, they will assume liability. Should I still buy title insurance?

  4. Do I need to buy the regular insurance? Is that necessary?

Thank you.