You should ask yourself why the seller (really) wants cash only, why he doesn't want to go through a title company, and why he only wants to do a warranty deed, and then you should find a real estate lawyer and ask her the same questions.
This answer is intended to be taken as general information and not as specific legal advice. You should always consult a qualified attorney and make him familiar with all the relevant facts in order to get proper legal advice. Every case is different, and they must be evaluated on a case-by-case basis.
David N. Smith
If a deal seems too good to be true it usually is not true. I would strongly suggest that you go through a title company as this is the best way to insure that the seller has good and marketable title to the premises in the first place. You should also consult with an attorney immediately as this sounds fishy to say the least. As to reporting the sale, any time someone sells property that is not their primary residence they are required to file a 1099 with the IRS reporting the sale. The fact that the seller wants green is irrelevant, but it does raise some red flags as to whether he is attempting to scam you and whether he has the right to sell the property. Look before you leap.
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