Hi Everyone,
I’m looking to buy land in Armstrong County. It is around 25 acres and is priced at $60000.
I asked the title company to do a search and they turned it around quickly for $200. Their report pointed out the following:
REPORT
1. The premises were searched with regard to the surface owners, but not as to any oil, gas or mineral interests, which may have been severed from the surface, nor as to any liens that are not filed in the courthouse
land for sale in colorado springs.
2. There are three adverse deeds to three different persons, one of them conveying around 1 acre to C&K Coal.
3. Rights of way assigned to a power company.
4. We have completed a 60 year search and state that during the 60 year search period, there
appears to be no exception and reservation of timber and/or minerals in the chain of title. No instrument conveying timber and/or minerals was found during the search period. However, a conveyance or reservation could have been made prior to the 60 year search period, or not recorded in the courthouse. We can only report what is on record at the courthouse. If you wish to have further information with regards to subsurface rights (being minerals, coal, oil and gas), said information is an additional search and is not included in the standard 60 year search. Our fee for a mineral search starts at $400.
PURPOSE
This is our first time purchasing land and our plan is to use around 4 acres for our house and private farm, around 15 acres for commercial farming (apple and other trees) and the remaining land to be kept as is for the foreseeable future.
The land is heavily wooded and we’re considering selling the trees for lumber companies to cut down and then clearing the land for our house and commercial farm.
QUESTIONS
1. Do I need to do an additional mineral search for $400? Is this something I can do myself?
2. Am I covered with respect to the timber rights?
3. If I start farming, can anyone later on disrupt that on account of some unknown rights?
4. Is it a good deal?
5. Should we do additional research? (as mentioned, we are first time buyers).