We assumed the boiler plate was there to allow the buyer to investigate if there were any encumbrances and was standard fare. But now reading it closer it looks like the legal liability could far exceed the payment for a small share of a (about net 1 acre) of much larger plot (over 300 acres). The buyer found no encumbrances. But still I’m having seller’s remorse. The buyer wants to get more family members on board, especially one that owns the lion’s share. The buyer has shown some willingness to change to a specialty deed although there are still some exposure such as any litigation arising from issue before we knew we even had the acre.
The lesson to self and everyone else of course is that I should have had representation from the get go. The value of the offer for our little plot was just $3,500. So part of the hubris was not wanting to spend $1,500 on lawyers (I don’t know what it would have really been) to review things with just a possible $3,500 payment. I’ve contacted the law firm that completed the decree of distribution from the trust of the relative who passed on these mineral rights. But they never actually got deeds issued. The buyer wants to speak with them to get things moving along. I’d like to talk with them to get their take and am awaiting a call back. The original attorney passed in the interim.
Sorry for the long ramble. Any words of wisdom from the more experienced would be welcome.