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.