Over time, with lots of experience, Solterra Property has established a best practice process for buying land from sellers. Here are the 10 main steps:
1. Get to Know Sellers and Their Situation
The more information Solterra can gather, the more they can help a seller achieve their goals as part of the deal. 10 Questions to Ask Before Buying Land
2. Research the Property
Solterra will explore all factors affecting land value, talk to officials from cities and counties, chat with appraisers and more. This helps Solterra establish a true value of the land and understand any rules and regulations that apply to it. They will also conduct research and due diligence using MapRight, Google Earth and the local GIS website. 5 Things to Research before Buying Vacant Land
3. Write and Deliver Offer
Solterra will prepare an offer it feels is best for all parties. MAKING AN OFFER
4. Seller Verbally Accepts Offer
Financial, closing and other terms may be negotiated as part of this stage.
5. Write and Send Purchase Agreement to Seller
Solterra will follow up with a legal and binding purchase agreement containing all terms and conditions established with the seller. The Key Elements of a Real Estate Purchase Agreement
6. Send Purchase Agreement to Title Company
This will help the title professionals start the official transition of ownership. Solterra will introduce the seller to their dedicated title rep and discuss the plan for closing. Closing Procedures for Vacant Land Purchase
7. Ongoing Correspondence
Every 7-10 days, Solterra will touch base with the seller to give them an update on the status of the title paperwork.
8. Seller Signs and Notarizes Closing Documents
Once a title commitment is received, the deal can officially be done! The seller will notarize the deed and will sign several important documents. This can be done in-person at the title company, at a local UPS store or post office or with a mobile notary sent to an agreed-upon location. Solterra will pay all closing costs.
9. The Exchange of Funds via Escrow
The agreed-upon purchase price will be sent from Solterra to the title company. They are responsible for collecting funds and sending them to the appropriate parties. Using an Escrow For Your Funds
10. Title Company Records Documents with County
Once this has taken place with all important jurisdictions, the deal is complete! Recording Title Documents: Process & Requirements
Solterra Property, in all instances, works to achieve the best and most efficient outcome for all parties in a land deal. By preparing in a fashion that makes these steps unfold easier and quicker, sellers can benefit from time and money saved.
Solterra Property helps real estate sellers unload their property easily, efficiently and safely. Contact the Solterra team at 612-662-4542 or [email protected].