By Jill DeWit
February 19, 2019
As Steven and I are busy putting the finishing touches on our upcoming Land Academy 1.0; Rural Vacant Land, I thought I would share some of the incredible content to help everyone close their land deals.
You have done everything right and you have found a buyer for your property. Now what?
There are two ways to close the deal, get paid, and convey the land; self-close or escrow close.
- Self-close is the process of processing your own payment for the property, completing a new deed (now as Grantor), and either sending to buyer with recording instructions or direct to recorder on buyer’s behalf. Just as when you bought it, you should have your own comfort level about self-close transaction amounts and deeding complexity. You would also need to confirm that the buyer does not intend to build soon or does not require title insurance.
- Escrow Close is the process of hiring an escrow company to complete the transaction. This is typically appropriate when: it is a larger deal (more $ at stake) and enough profit to justify; or the buyer wants title insurance; or there is some other “need driven” reason that you prefer done by escrow agent.
Now that you understand the types and reasons for different closing options, it’s important to know the basic steps to complete the transaction.
- Collect full payment via credit/debit card from your website. This should be completely automated using a credit card processor that understands your business and needs. (Land Academy has a partnership with Heartland Payment Systems that is available to the public. It took us over a year to set up and they offer a variety of payment systems.)
- Along with payment details collect deed information via your website. No talking necessary.
- Create a new deed with you now as Grantor and your buyer as Grantee. (See our own DeedPerfect.com to quickly create deeds along with other supporting documents needed for recording.)
- Send completed deed packet to buyer with recording instructions or send to recorder on behalf of buyer.
Escrow Close Steps:
- If escrow was used when you purchased the property, hopefully you have it all set up to sell quickly, using same escrow company’s “hold open” service. This service results in a faster and less expensive closing process.
- Contact escrow agent, supply signed purchase agreement (PA), your sale terms (who pays what fees), and buyer contact information.
- Manage transaction to completion. Remember…Time kills deals.
This is a “snap shot” of what Land Academy is about. We created Land Academy to share our business model to build a community of thriving investors. Our goal is to do bigger deals together and help grow our members businesses. And it works.
This week we are wrapping up a member survey and so far, we estimate between 50-100 members have quit their full-time jobs because of joining Land Academy.
I could not ask for anything more.
Glad you are here!