Wisconsin- Sale by Owner to Neighbor-Procedure?
100+ acre lot w/run down cabin on it, an easement to forest, and an easement to river was gifted to my parents by grandparents (now deceased)via Warranty Deed.
Property was split up by parents and most land sold to neighbor #1. Remaining 3 ac. w/run down cabin and both easements were kept by parents but promised to neighbor #1 if he digs a pond and then after parents death he'd buy it on land contract. No pond= land contract null & void.
Neighbor #1 didn't put in pond and then claimed he "didn't know he didn't own the easements". Took my parents to court and parents gave up fight because it'd cost another $10-$20k. Result: neighbor #1 got the easement to forest, parents got the easement to river and kept 3 ac and run down cabin.
Fast forward two years and my parents gifted the 3 acres, run down cabin and river easement to me (via quit claim deed).
The property is located 5 hours away.
Now a neighbor #2 wants to buy this property, as is. We agreed on a price which is a huge bargain for him, basically just for the land not improvements. We said if there's any extra costs involved in the sale then he'd have to pay it.
What is the easiest way of accomplishing the transaction? Could we simply sign a quit claim deed and he'd wire us the money?
We're 5 hours away! I'd like to do my portion from my area and he could do his from his area.
Is there any reason for a title search or title insurance if we're just selling it as is & Quit Claim Deed? I think I understand with a QCD my parents gift to me has no title obligations and a QCD to this buyer would also have no obligations (no purchases or liens since I owned). I do not know if my grandparents ever had a "title search" done when they gifted it to my parents via "Warranty Deed" and my grandparents are now deceased. I don't think there was any purchases or liens done by my parents & they just signed a QCD anyways. Are any of us vulnerable?
I doubt if the buyer/neighbor #2 will care what type of paper we use to get the property sold. The thing I worry about is when neighbor #1 finds out he'll make neighbor #2 life challenging (they have negative history too).
Mainly, I just DO NOT want anything coming back to haunt any of us in my family. We want to be done with it as we're getting old and selling things off. Neighbor #2 can fend for himself and is fully capable.
Thanks for some advice!