Purchasing vacant land can be a very simple process, but if you’ve never closed a land deal before you may not be familiar with the process. Here is a summary of the closing process.
When selling property, we like to use a licensed title company in the county where the property is located. A title company is a neutral third party that handles the entire transaction. They can offer piece of mind to both the buyer and the seller because if there is something wrong with the deal, the title company will require it to be fixed before the deal can be closed.
Unlike when you buy a house, cash deals for vacant land can be closed very quickly. An efficient title company can usually complete a land deal in seven to ten business days.
When you’ve picked out a property to buy, we’ll e-mail you a purchase agreement to look over and sign. Once signed, you can email it back or fax it to us at (888) 471-9619.
When we get the signed contract back from you, we’ll sign it and send it to the title company.
Neither the buyer nor seller have to be present to complete the closing. The entire transaction can be conducted through email and FedEx.
Day 1 – 3
Once the title company receives the signed contract from us, the process begins. They will first email you an agreement to sign which can be done online. After that, you will wire them the funds for the purchase, which includes the purchase price plus the closing costs. (See how much will this cost me?) This process usually takes several days to coordinate.
Day 3 – 6
When the funds are in the title company’s escrow account, they will begin the title search. They look through county records for all of the deeds that have ever been recorded against the property and look for any outstanding liens against the land. Once the search comes back clean, the title company will issue title insurance for the buyer and draw up the deed. This usually takes two or three days.
Day 6 – 9
After that, they overnight the deed to us. We sign it and overnight it back to the title company. This takes a few days to complete.
Day 9 – 12
Once the title company gets the deed back, they record it with the county and pay the recording fees (which are included in the closing costs.) This usually takes another day or two.
When the deed is recorded, the property is yours. The entire process usually only takes a couple of weeks to complete.
