What do you have to do when buying a piece of land?
Answer:
Contact your solicitor and the vendors solicitor, both will come together and record the transaction, contracts will be exchanged usually with 10% deposit and upon completion the full amount is payable, at that point it becomes your property.
Part with an awfull lot of money :-)
need sufficient money, must know all legal procedures how to get registered your land on your name. Who is seller, why he is selling his land, what rate is going on, When he can handover my papers, how much advance you have to pay,when you will get possesion of your land, etc, many more ...must to keep in mind when we go for buying a land.
Check the land papers at registrar's office is there any dispute over on land which you don't know or know,,,,,,,. Check b4 paying advance money.
Before paying full amount must ensure all the things ok.
Depends on what state the property is in. If theres a real estate agents sign on the property contact that agent. Make an offer, put down a deposit and sign a contract to purchase land. Then the agent will contact a title company to do title reasearch. Then you can close escrow. (Sign final paper work to transfer title into your name) (time 3days to ..) depends if you have an agent, they have an agent, are you getting a loan to buy it, paying cash, what state the property is in.
just been through this.
first:get in touch with ur local council(planning office) find out about planning (should take no more than 4 months)to see if u can get approval.
don't part wit ur money until you know you have a good chance.
if it's at the end of a garden there may not be many willing to buy it off if you don't get planning.
you need (in Ireland) half an acre to put a house on.find that out of your local councillor
good luck
Make and offer,get it accepted. Pay either cash or apply for bond approval. The get the conveyancers to register it in deeds office in your name. You have just bought a piece of land.
Apparently you have selected a piece of land to purchase at the end of the garden.
Find out who owns the property by contacting a title company (Look in the yellow pages of your telephone book) If you have no address you will need a lot # and an APN #
You might also check with older people that have been in the area a long time to find out if they can tell you who owns the land.
You might also check with the county recorder's office to find ownership.
Once you have determined who the land belongs to find out if this person want to sell the property you are interested. If they are in fact the owners and want to sell, find out what they think would be a fair price for you to pay for the land.
If you think what they want to charge for the land is fair, make an offer, if not you should call an appraiser (Look in the telephone book yellow pages) Tell the appraiser you want him/her too compt out some vacant land for you. He will giev you an approximate value of the land, this is not an appraisal of the property,but an idea of the value. This is normally a free service, however, if they think you will not use them again, they might charge a small fee.
Once you have the compt, go back to the owner, inform him of your compts, if you feel comfortable with the compts make an offer based on the compts.
If the owner accepts your offer you should draw up a contract stating the amout of the sale of the land, how much you plan to put down, how much you will finance (get a loan for) (Most lenders will only lend about 50-60% of the value on the cost of land. So if the land cost about $85,000. In this scenario you would have to come up with out of your pocket about $34,000 plus closing cost. The lender will finance $51,000 of the total cost.
Another way you might want to do it is ask if the owner will take a second mortgage in his name of 30% $25,500 if you made a down payment of 10% $8,500 and the lender would lend 60% $51,000. This would be better for you. He might even take back a bit more if you ask, so by all means ask, during the time you are inquiring about the price, ask if he would be willing to take back a small 2nd mortgage of between 15%-30%. He will give you an answer. write it down and make it a part of your offer.
Put a date on the contract, a date you expect to finalize the transaction(this is a hope for date, the transaction could close a f ew days later or a fedw days later. Don't pull your hair out if it goes over a bit this is normal.
Find an escrow closing agent, look in the almighty yellow pages for an escrow closing agent. Take you contract to this agent once you have located one. Some states have lawyers to do the closing. Don't let them charge you for drawing up a contract. You have one it just does not look like theirs, but it is a contract never the less.
Find a lender (Look in the yellow pages for a lender that will lend on land) Set up an appointment for the lender. Find out from the lender what he requires to start the loan application. Take what evere he requires pay stubs, bank statements, w-2 forms, fed income taxes etc.
Once you loan has been approved, you will be required to sign loan docs, the seller will be required to sign over his property. If the owner has decided to take back a second he will be given a note in his name giving the monthly payments, the interest rate and the number of years the loan is amortized for. Owner loans are normally for 5 years amortized for 30 years.
With everything signed you are now the owner of the land next to the garden.
I hope this has been of some use to you, good luck.
"FIGHT ON"
Once bought then register it with the land registry to make it legal
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