I am very close to being ready to submit an offer to purchase 80 acres of hunting/recreational land halfway between Wausau and Antigo. We have agreed verbally to a price. I’m just getting the final details worked out to make sure this is the property I want and there are no strings attached. Key words here are “private party sale” so I have no one to represent me (yet). Currently I am checking on the following: Verifying with the WDNR/ACOE that the property is buildable in regards to wetland classification. I’m 95% sure it is but want to make sure. They are visiting the property next week and advising. Talked to the forester for Marathon County regarding the property since the property is currently enrolled in MFL (Managed Forest Law) and discussed building restrictions and permitted uses. I am fine with everything he told me. Obtained a copy of the MFL plan for this property. Now for my questions. I have never purchased a property via private party sale before. How do I protect my interests when submitting an offer and to the point of sale? What else do I need to look into or acquire (e.g., title search, formal survey, etc)? I don’t see a need for a formal survey since it is clear quarter sections and I will not be building anywhere near the boarders but hey…. What do I know? My thought is to hire a lawyer to represent me and to create the offer together. Is this an adequate and appropriate way to approach this? What else, if anything, would you look into prior to hiring a lawyer? What else should I make darn sure my lawyer does and includes in the offer? I think I may have found "the one" guys.
Sorry I can't help you Brad. But want to say I am excited for you and Good Luck ! If you need help food plotting next summer you have my # :D
I am a licensed attorney in Illinois (not in WI, sorry), but if you do not feel comfortable reviewing the title policy, survey, etc., by all means hire an attorney. Not sure about where you are, but here attorneys charge a fairly reasonable flat fee for real estate work. I no longer practice in the private sector, but I always used to look at real estate as a loss leader - the price was that reasonable. An attorney will put you at ease, and make sure everything is done to your satisfaction.
I can try to answer any questions on the land purchase. I a have a title insurance office in Merrill and Antigo. Is it in MFL open or closed? Does it have access?? Are there any liens or judgements against the real estate. PM me if you need my cell #.
