The 8 Steps of Buying Land
Deciding to buy land can be an exciting time for anyone, but knowing where to start in the process can be somewhat overwhelming. To help simplify the process, here are 8 steps that will make your land purchase go smoothly:
1. Begin with the end in mind: Keep in mind for what the land will be used. Determine the features and characteristics of the property that are necessary for your purchase.
2. Decide where you want to buy: Be sure to consider where owning the land most makes sense for your intended use and learn what specific area land issues might affect that use.
3. Visit multiple properties: Inspect the properties for topography, drainage, utilities, access and encroachments.
4. Financing: Never over-extend your financial capabilities. Determine your borrowing capacity and create a budget to establish your repayment capacity.
5. Attain the Purchase Contract: Ask the Seller or Real Estate Agent for a copy of the Purchase Contract of sale and find an attorney specializing in the buying and selling of real estate.
6. Make an offer & negotiate: Make a purchase offer directly to the Seller or Real Estate Agent of the property. You may choose to pay the asking price or negotiate a different price and terms with the seller.
7. Down payment: Once negotiations are complete, a down payment on the property can be made. Be sure to keep records of all money that has been paid during the transaction.
8. Settling: Your attorney will have you sign a Transfer of Land document and on the date of settlement, you will become the legal owner of your new property.
Finding the right property for you can be the most tiresome part of the property searching process. Failing to find property that fits your needs becomes discouraging quickly, but the convenience of AllAcres makes searching for multiple properties in a short amount of time easy and stress free. Check out our website to view available properties in your desired area and to get in contact with the Sellers or Real Estate Agents.