Land Buying Terms

 

Please note that LandForSaleStore and LandForSaleStore.com are not licensed real estate businesses, but only a marketplace and brand name through which properties are bought and sold directly as “For Sale by Owner” transactions. In other words, we own most of our properties.

ALL PROPERTIES ARE SOLD “AS-IS” WITH NO WARRANTIES EXPRESSED OR IMPLIED. BUYER REPRESENTS THAT UPON CLOSING, BUYER IS BUYING BASED UPON HIS OR HER OWN EXAMINATION AND/OR JUDGEMENT REGARDING THE PROPERTY BEING PURCHASED.

Property information we provide is deemed reliable but cannot be guaranteed and Buyer should perform due diligence to Buyer’s own satisfaction. We do our best to vet the properties we sell because in most cases we bought them first. But we’re human too and things change so please do your own research and if you have a question or need guidance – just ask and we will be happy to share our due diligence with you.

 

land for saleClosing Your Purchase:

Most properties listed on this website we sell ourselves as “For Sale By Owner” transactions, saving the roughly $1,000 that a title company closing can cost. You don’t get title insurance this way but why pay that amount to insure a purchase price that is often times not too much more.

Sometimes though, when the client wants to or the property value warrants it, closings will be completed by a local, third party title company. Typically, a short sales contract outlining the terms of the sale will be forwarded to the title company and they will complete the sale according to state law, record the new deed with the county Recorder and disburse any funds as appropriate. This process takes approximately 30 days.

Either way the end result is the same – you end up happy having sold your property or are the proud, new owner of a parcel of land.

land for saleDoc Prep Fee:

When we close a property purchase ourselves, we usually charge a one-time, non-refundable “Document Preparation Fee” which covers our efforts to prepare and distribute the necessary documents, set-up the payment processor, record the deed, etc. We typically ask for this fee upfront to help us get these things started and since the money is mostly spent upfront it is non-refundable.

land for saleLoan Servicing Fee:

If we offer Seller Financing, in addition to any interest or other charges, we may also charge a reasonable “Loan Servicing Fee” per property to be included with the monthly payments to help cover the cost of the service provider processing the recurring payments and managing the loan.

land for saleImpound Fee/Property Taxes/Association Fees:

If a Buyer chooses the Seller Financing option and typically we, as the Seller retain the deed until payment-in-full, may also require that a portion (representing 1/12th) of the estimated annual property taxes be added to the monthly loan payment, plus an additional amount if applicable, for assessments/association fees, etc.

Or, if it is agreed that Buyer will assume responsibility for all taxes, fees, etc., due after the date of the sale, Buyer may be asked to pay a one-time, non-refundable fee for a payment monitoring service that will notify all interested parties if any payments are late or missed.

When the sale closes, taxes will be prorated such that the Seller is responsible for all property taxes due and payable until and including the day of the closing.

land for saleEarly Loan Pre-Payment:

There is NO PRE-PAYMENT PENALTY. Any loan can be paid off at any time without any additional fees or charges. In fact, if you pay off your principal balance owed at any time after the first payment, we will give you a discount of 10% off that amount, exclusive of taxes, fees, etc.

For example, let’s say your balance is $5,000 payable over 3 years at 10.95% interest. Your principal balance after your first year would be $3,511 and suddenly you get a big bonus at work and want to pay everything off. That $3,511 minus 10% shrinks to $3,160 saving you $351 in principal and furthermore, you save $414 in interest for a total savings of $765.00!

So you see, paying off your principal balance as early as possible is smart for you and a little bittersweet for us but we actually think it’s a win-win outcome for all and therefore we want to encourage it with this 10% discount.