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The Hemingway Land Company works to make our transactions as easy as possible. In fact, our customers are typically surprised at how effortless we’re able to make the process of purchasing land online.
For those interested in purchasing land from us, there are three different ways a property can be conveyed or sold to you. They are as follows…
I. Website Close
Sometimes referred to as a “notary close” or a “close outside of escrow” this method involves paying the entire purchase price of the property through our website and having us draft and record all the conveyance documents for you.
What Properties Do We Recommend This For
Typically anything priced under $10,000. The less expensive the property is the more our buyers prefer this method.
How Does The Process Work
Once you pay for the property you will be emailed a receipt. Within 24 hours we will draft a new deed plus whatever additional county-specific documentation is required to convey the property and we will email them to you for your review. Once you have approved the new deed we will sign, notarize and mail it off to the County for recording. After the County has recorded the new deed, they will forward it on to you for your records. From start to finish it’s typically four weeks before the buyer receives a hard copy of the recorded deed in the mail.
Benefits
A quick, hassle-free conveyance. You become the owner of the land much faster without having to pay additional costs to a title company.
Drawbacks
The property is sold without title insurance.
Common Questions/Answers
Yes.
Every property for sale on our website is one we own. As far as we’re concerned, once you’ve given us money, you own it and can begin using it immediately.
Yes.
Testimonials
Testimonials
II. Title/Escrow Close
This method involves paying only a small deposit at checkout – typically a $500 Non-Refundable “Earnest Money Deposit” – and funding the remainder of the purchase through a title company at “close of escrow.”
What Properties Do We Recommend This For
Typically anything priced over $10,000.
How Does The Process Work
Once you place your deposit you will be emailed a receipt. Within 24 hours we will draft a sale/purchase agreement which we will email you to review. Once you have signed the contract, we will submit it to a title company where they will begin the process of investigating title history and insuring the land. This normally takes anywhere from 30-45 days. After they have completed their work, they will request the remaining funds from you and a signed deed from us. Only once we have signed and submitted the new deed to the title company, will they record the property into your name and release your money to us.
Benefits
For the buyer seeking an extra degree of security in their purchase, this method involves employing a third-party intermediary to handle both the conveyance of the property as well as the disbursement of funds. Additionally, this third party, the title company, will also provide you with title insurance which can be especially beneficial to anyone looking to either take out a loan to develop the land or use the land as collateral against a loan.
Drawbacks
Employing the title company and acquiring title insurance means that you will also take on the added cost of paying the title company. This can range anywhere from $750-$2,000 depending on the state that the land is in. These costs will be the responsibility of you, the buyer. Additionally, title companies do not work quickly and will normally take a month or more before they’re ready to “close” the transaction, request your funds and transfer the property into your name.
Common Questions/Answers
No. It’s your money and you can fund and close the transaction however you like.
Yes.
Because it is the best way to demonstrate that a buyer is serious.
To learn more about this process please visit our Title/Escrow Information page.
Included here is a copy of one of our standard Sale/Purchase Agreements which all buyers closing through a title company will be asked to sign. Anyone initiating one of these transactions is encouraged to read this agreement prior to placing their deposit.
Testimonials
Testimonials
III. Purchasing On “Terms”
Sometimes referred to as “terms”, sometimes referred to as “financing” or “owner financing”, this process involves purchasing a property slowly over time with a more manageable down payment and affordable monthly installments.
What Properties Do We Recommend This For
While this is not something we can afford to do on all of our properties, the ones where this option is offered will be clearly indicated on their individual listing pages.
How Does This Process Work
Once you make the down payment you will be emailed a receipt. Within 24 hours we will draft a land contract which we will email you to sign. This will be the document which demonstrates your “equitable interest” in the property until such a time as you’ve paid for the land in full. The card you used at checkout will be automatically billed each month until such a time as the remaining balance has been paid. Only once all the payments have been made will we deed the property into your name.
Benefits
This method allows the buyer who can not afford the entire purchase price of the property to more comfortably manage paying for the land while also paying for other costs needed to develop it.
Drawbacks
As with a home or car loan, paying for the property slowly over a longer period of time will cause the buyer to pay more than if they had purchased it in full.
Common Questions/Answers
No. As long as you can afford the down payment, we trust you’ll be committed to keeping the land and paying on time each month.
Certainly. A property can be paid off as quickly as you like. All of our contracts have only pre-payment incentives and no pre-payment penalties.
Yes.
You can try but the down payment will likely need to be at least 30% of the purchase price for us to consider it.
Included here is a copy of one of our standard Land Contracts which all buyers purchasing on terms will be asked to sign. While individual listing pages of the properties that have this option will include contracts tailored to that specific property, what’s include below will at least give someone a reasonable sense of the terms dictated in one of these agreements.
All buyers are encouraged to read this before initiating one of these transactions.
Testimonials
Testimonials