Note: The DearEsq free 'ask a lawyer' site is offered as a free informational service to the public and is not intended as legal advice. Laws vary from state-to-state, and in addition every situation is unique, and relevant facts may not be known. The answer to the question posed below may not apply to in your state or to your situation. For legal advice in your state and your situation you should consult with an attorney in your state who is familiar with the rules and laws in your state.
“I have been speculating in land for a couple of years now and own Warranty Deeds to 4 lots of various acreages in both New Mexico and AZ, all from seemingly reputable Sellers. What I wanted to find out is how if possible, can I try and obtain title or insurance on these properties. It also seems there is much controversy about the real worth of these parcels especially now since we are all in a RE downturn market. My parcels are in Valencia County and Taos for New Mexico and a couple of parcels I have in AZ near the Grand Canyon. Yes, they are all “scrub-brush” now but who is to say that 10-20 years from now, more development would push prices up? It’s inevitable with the US having some 300 Million Citizens…everyone needs a place to live, right? 🙂
I’m a “bottom fisher” and truly believe this is the best time to gobble up some cheap land, more even if can be afforded. I want to find out though some prudent legal advice whether this is the smart thing to do or whether I just stick to the stock market or something else.”
Question: I can’t give you investment advice, but in terms of cleaning up the title, I would contact an attorney local to (at least in the same state as) each piece of land. Title procedures vary considerably from state to state, and even from county to county, so it’s impossible for me to say exactly what needs to be done in order to solidify your position with respect to these properties.
