Be very careful. VERY careful. How sure are you that this person actually owns the property?
If you seem to be getting a price that is 10% or less than what you would expect I would be SUPER DUPER careful.
Regardless, there are tax consequences to purchasing the property. The IRS is one government agency you will have to notify.
You will have to notify the county tax office.
Then probably the police when you find out this guy doesn't own the land.
How are you sure he owns the land?
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 Austin, Texas email@example.com (512) 457-0100
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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