If you signed and returned the purchase agreement you received in the mail, congratulations! You’ve just taken the first and biggest step towards selling your land.
But now you’re probably asking yourself, “What’s next?”
Here are the basics of what you can expect after signing the purchase agreement…
Quick Online Parcel Review
Within 24 hours we’ll dive into your parcel details to determine if it meets our terms and conditions. The review will include:
- Verifying current ownership
- Checking legal and physical access to the property
- Reviewing topography, size, and shape of the parcel using Google Earth Pro
- Running the property address through FEMA and US Fish & Wildlife sites to determine if it’s affected by flood zones or wetlands
- Searching county records for back taxes, permits, and leans
Within 24 hours we’ll give you a call. This conversation is as much for you as it is for us. This is a chance for us to chat and get to know each other. Questions we’ll likely ask you include:
- When did you purchase the land?
- What was your intention when you bought it?
- Why are you selling it now?
- Who is listed on the original deed?
- Are all legal owners still alive? Have all owners agreed to sell the property?
- Can anyone else claim an interest in the land other than yourself (next of kin, relatives, business partner, previous owner, etc.)?
- Have you ever tried selling it in the past? If so, when and what happened?
- Does the lot have access to utilities? If so, which?
- If applicable, have any tap fees been paid (electric, water, gas, etc.)?
- Is there a Home Owners Association (HOA) or Property Owners Association (POA)?
- Have you ever performed a soil or perc (percolation) test? If so, what were the results?
- How soon do you want to sell the land?
- What documents do you have that prove ownership (vesting deed, title paperwork, etc.)? This information can often be verified online (and will be confirmed during the title closing), but having copies readily available ensures we’re dealing with the true owner.
10 – 17 days: Once both parties have reviewed the details and feel comfortable proceeding with the sale, we’ll initiate a title closing. Depending on the state and title company, this may require signing a new purchase agreement that includes a timeline with due dates for documentation. During this time, you may be asked to provide additional information, including:
- A disclosure statement (varies by state)
- The name and contact information of any Home Owners Association (HOA) or Property Owners Association (POA)
- Certified death certificate of a co-owner (when applicable)
- Do I need to be present to sign closing paperwork? No. In many cases, the seller (property owner) may not be located in the same city, county, or state as the property. When this occurs, the title company will send a public notary to your residence or neutral location (public library, cafe, etc.) where you will sign the paperwork. In some cases, sellers choose to have the documents notarized at their own bank.
- Will I receive a cashier’s check immediately after signing? In title closings, the seller typically receives funds in the form of a wire transfer or check. Traditionally, funds are dispersed on the official closing date, which can occur several days after the paperwork has been signed and returned to the title company. Wires will be initiated on the closing date and checks will be sent by courier and received within 24 to 48 hours. These details are arranged between you (the seller) and the title company. (LandPocket deposits the money in the title company’s escrow account prior to closing.)
- What is a disclosure statement? A disclosure statement is an opportunity for sellers to make any declarations about the property that are known to them. For instance, if a soil test or environmental study was performed in the past, the seller would disclose (or attach) the results on the form. This is similar to the disclosure of lead paint when a home is sold or rented.
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