How long do I have to wait to sell land that I recently paid for?
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How long do I have to wait to sell land that I recently paid for?
I recently paid for a piece of land. The sellers are transferring the deed to the property today into my name. I am now moving and do not need the land. There is buyer that wants the land and wants to pay me cash. They have already contacted a title company to do a transaction to purchase it from me. How long do I have to wait after getting the deed in my name to sell the land to them?
Asked on November 14, 2011 under Real Estate Law, Texas
Answers:
B.H.F., Member, Texas State Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
When you are divorced in Texas, you have to wait a period of time before you can remarry. However, this rule does not apply in real estate or property transactions. Many people purchase property, do quick fixer-upper routines, and then flip the property for a profit. In a sense, this looks something like what you are doing. The key component to any transaction, however, is that you have to own the property that you are selling. Another component is that you must be able to give good or clear title. If you just purchased the land, make sure that the title is clearly in your name before you flip it. Also make sure that your purchase agreement did not have any "flip" restrictions. You will run into problems if you try to sell this property before the deed is in your name. Once the title is in your name, then you can sell or convey the property and have it clearly transferred from your name to the new buyer's name. You may want to have a real estate attorney look over your paperwork to make sure that neither the sale or the purchase agreements contain and special provisions which would impede your sale.
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