Recording of the Title

[anilvalley]

Hi Everyone! New to this site! I am going to ask you a very silly question, I have signed an online bid and assume contract. The bid was for the down payment, and rest of the payments are assumed. While I requested for recorded document from the seller, I got the following response! Please help me to understand that what the seller is saying is correct? If this is correct how can I get the land refinanced, if the title is not even on my name, all I have presently is a signed sales contract by both parties.[

Because this is a bid and assume auction, title is not transferred until the principle and interest is paid in full. The contract is not recorded either. If you would like the contract recorded with the county, you are welcome to do so. You would need to contact the county to see what is necessary to have this done.

[Dan Auito]

Hi Everyone! New to this site! I am going to ask you a very silly question, I have signed an online bid and assume contract. The bid was for the down payment, and rest of the payments are assumed. While I requested for recorded document from the seller, I got the following response! Please help me to understand that what the seller is saying is correct? If this is correct how can I get the land refinanced, if the title is not even on my name, all I have presently is a signed sales contract by both parties.[

Because this is a bid and assume auction, title is not transferred until the principle and interest is paid in full. The contract is not recorded either. If you would like the contract recorded with the county, you are welcome to do so. You would need to contact the county to see what is necessary to have this done.

Boy Anilvalley, this post leaves a little to the imagination but it appears you have a land contract here that the seller holds title to until you fully pay off the balance.

You can record anything you like by taking a copy of it to the county recorders office and paying the fee.

If you have paid money as a down payment (keep records) and want to refinance to pay it all off and get the deed then you will have to prove value and present a request to a local lender in your area, usually lenders don't like to lend on raw land as the land doesn't generate any income and there are no assets to repossess in the case of default.

Banks that do loan on raw land usually won't go above 60% loan to value, is it appraised? have you seen it? Why did you buy it? What are you planning to do with it?

I suppose more information would be helpful in better answering your question. Thanks for coming aboard! Dan

[anilvalley]

Dear Dan! Greetings!

Please allow me to introduce myself, my name is Anil. I am a junior investor, I have one Apartment complex, and single family units. The reason I bought this land is to hold and make money in future by reselling it. No, I have not seen the land yet. It is in Nevada, 640 acres, Flat to Rolling. The total cost approx. $107,000 for 640 acres ie. $ 167.19. I know it was unwise of me to buy this property without due dilignece, but in heat of getting a deal, I made this rushed decision. No, I have not done any appraisal on it yet. At the same time when I bought this land, in the same neighborhood, somebody bought .40 Acres for $20,000 i.e $500 per Acre. The auction ID at bid4assets is:
#156201. I know it is going to be damn hard to refinance it. What will be your advise to how to go forward to handle this situation and manage this property! Monthly payment will come out of one other property, so that is not a big issue.

Warm Regards,
Anil



Boy Anilvalley, this post leaves a little to the imagination but it appears you have a land contract here that the seller holds title to until you fully pay off the balance.

You can record anything you like by taking a copy of it to the county recorders office and paying the fee.

If you have paid money as a down payment (keep records) and want to refinance to pay it all off and get the deed then you will have to prove value and present a request to a local lender in your area, usually lenders don't like to lend on raw land as the land doesn't generate any income and there are no assets to repossess in the case of default.

Banks that do loan on raw land usually won't go above 60% loan to value, is it appraised? have you seen it? Why did you buy it? What are you planning to do with it?

I suppose more information would be helpful in better answering your question. Thanks for coming aboard! Dan

[Dan Auito]

Anil, with raw land the beauty of the thing is there's nothing to manage, just a little alligator nipping at your toes due to zero cashflow, but hey the price was right or so it appears.

I would see if there are any surveys on file and check with the Nevada planning and zoning office for plat information, normally I would also say to go walk the land but in your case maybe you better get in the hummer and drive it.

My biggest concern would be that there is no hazardous waste buried or dumped there, that could spell financial ruin if the EPA held you liable for clean-up!

Why was it being sold and how far is it from the nearest gas station? any other signs of life within shouting distance?

[anilvalley]

This 640 acre parcel is located in Humboldt County only a short drive from Winnemucca. (How far the land is from Winnemucca, I still need to find out.
I will be going to land, as weather in Nevada settle downs a little.
Winnemucca is a major trade center for rural northwestern Nevada.
Power In area
Phone In area
Water Well--must drill your own (excellent water)
Sewer Septic--must install your own when building
Roads Dirt Roads
Time-Limit To Build None
Dues None
Terrain Flat to rolling
Zoning Ag/Residential

Dan, Please advise, do I need to go to county's office or Nevada planning and zoning office and ask for any surveys on file and check with the for plat information?
Are county and Planning/Zoning Office are two different entities? or under same umbrella?

If I want to record the contract, the question is should it be done in Nevada or in California?

Any advise, will be greatly appreciated!

Well, Dan Thank you for all the support! I will be a student and will be a contributor to this site with two cents of my knoweldge! Thank you for being a gentleman and bringing such a wonderful group of people together!

Cheers and Regards,
Anil





About Humboldt County:
Humboldt County's county seat is Winnemucca and a major trade center. It lies 167 miles east of Reno/Sparks and 267 miles southwest of Boise, Idaho. Winnemucca is Cowboy Country and houses the Buckaroo Hall of Fame at the Convention Center, as well as playing host to a large varie+-ty of rodeo and roping events throughout the year. The county has some of the most productive gold mines in the United States. In addition agriculture, construction, and tourism are also a major part of Winnemucca's economy.




Anil, with raw land the beauty of the thing is there's nothing to manage, just a little alligator nipping at your toes due to zero cashflow, but hey the price was right or so it appears.

I would see if there are any surveys on file and check with the Nevada planning and zoning office for plat information, normally I would also say to go walk the land but in your case maybe you better get in the hummer and drive it.

My biggest concern would be that there is no hazardous waste buried or dumped there, that could spell financial ruin if the EPA held you liable for clean-up!

Why was it being sold and how far is it from the nearest gas station? any other signs of life within shouting distance?

[Dan Auito]

This 640 acre parcel is located in Humboldt County only a short drive from Winnemucca. (How far the land is from Winnemucca, I still need to find out.
I will be going to land, as weather in Nevada settle downs a little.
Winnemucca is a major trade center for rural northwestern Nevada.
Power In area
Phone In area
Water Well--must drill your own (excellent water)
Sewer Septic--must install your own when building
Roads Dirt Roads
Time-Limit To Build None
Dues None
Terrain Flat to rolling
Zoning Ag/Residential

Dan, Please advise, do I need to go to county's office or Nevada planning and zoning office and ask for any surveys on file and check with the for plat information?
Are county and Planning/Zoning Office are two different entities? or under same umbrella?

If I want to record the contract, the question is should it be done in Nevada or in California?

Any advise, will be greatly appreciated!

Well, Dan Thank you for all the support! I will be a student and will be a contributor to this site with two cents of my knoweldge! Thank you for being a gentleman and bringing such a wonderful group of people together!

Cheers and Regards,
Anil

About Humboldt County:
Humboldt County's county seat is Winnemucca and a major trade center. It lies 167 miles east of Reno/Sparks and 267 miles southwest of Boise, Idaho. Winnemucca is Cowboy Country and houses the Buckaroo Hall of Fame at the Convention Center, as well as playing host to a large varie+-ty of rodeo and roping events throughout the year. The county has some of the most productive gold mines in the United States. In addition agriculture, construction, and tourism are also a major part of Winnemucca's economy.

Well it's sounding better and better all the time Anil. If the property is in Nevada then California won't deal with it or be involved, most often planning and zoning are within shouting distance of each other, the best advice is to get on the :SM025: and start making some calls, it is so much easier to let those fingers do the walking and in some cases they may be able to fax you what you need.

I would lean towards recording in Nevada's public records division and again the phone would be my first tool to find out 4 sure!

It also sounds as though you have an idea of what it is zoned for so that gives you some ideas for future marketing efforts, I would look into subdividing it into smaller pieces and marketing those new parcels for that $500 an acre price set by the other buyer of the 40 acres previous.

Maybe you could end up with 320 acres free and clear by doing this? Well keep us tuned in and let us know what your phone inquiries reveal. Dan

[Joe Hagan]

Hi Anil;

I am new to this Forum also! A birds eye view will often give an open perspective to an individual. You could ask the (Chamber of Commerce) for information . Ask for a company who makes Aireal photos! (Just a thought).
joe hagan

[CharleyB]

Hey Anil;
I have some experience in developing land in the west.
Here are some things I know about that situation.

Mineral rights; Did you get them with the deed? It is usually stated in the sales contract and on the deed.

Water rights; Are there any streams that you may own a portion of the flow rights to? If there is "live" water rights they can be valuable. Water is like gold out there. The flow rights, if they exist, are usually recorded with the state's Department of Natural Resources.

Grazing rights: If the property is fenced, (640 acres is a equal to a square mile) you may be able to lease the grazing. If there is any grass at all you could make some income from this until you get it developed.

Mapping: The United States Geological Survey (USGS) has mapped every square inch of the lower 48 and there maps are available for sale on the internet. Just search for their name and you will find the site. There maps are what is called quadrangle maps of smaller areas and they usually have good topographical info. Your sale contract will have a legal description on it that gives the Range, Township, and Section for the land. Use that info to cross reference to find the proper map on the USGS website.
Keep in mind that these maps are not updated very well and usually will not have current roads or other improvements located on them. So for more current info you can go to a couple of different websites that sell satilite photos of a particular area of the planet. Just search for "satilite photos" on the net.

Hunting leases: If the land has any wildlife on it (deer, antilope, sheep, etc.) you may be able to lease the hunting rights on it. Professional hunters pay pretty well for exclusive rights. These leases usually don't interfer with the grazing leases because the cattle or sheep are off the land before hunting seasons begin.

Easements: Be careful for "prescriptive" easements. These happen when someone has been crossing the land for a period of seven years or more without being impeded by the former owner. If you then try to stop them from crossing they can claim a "prescriptive" easement in the courts and you can't stop them.

Federal lands: Often a variety of government agencies control land in the west. The US Forest Service, Bureau of Land Management and Bureau of Reclamation are a few. If indeed there are federally managed lands adjacent to your parcel there are some other options to cosider, land trades, combining leases, etc. When you find out let me know and I can give you some other ideas. Also, if there are "Indian" lands around it it opens up a whole new can of worms. You need to research the land uses around you to know your options. Possible "Gambling" rights.

Mining Claims: Be careful that there are not any recorded mining claims on the land. These claims, again, are recorded in the county clerks office and can languish on the books for many years. This goes back to the mineral rights section. This is particularly true in areas of gold exploration.

Anyway, these are just some things to think about.

All the Best,
CharleyB
www.rockyfordinternational.net