Selling Your Land STEP 3: Closing Thru Title

Selling Your Rural, Vacant Land Explained: STEP 3, Closing Thru the Title Company

Hi, I’m Beth with TB Properties Buys Land. This is the third and final video in a series of three videos in which we lay out the steps of our process in which we purchase rural vacant land from land sellers like yourselves. Now, if you haven’t watched the first two videos, I recommend you check them out so that you understand the full process in which we purchase land. The first video, the first step, is basically reaching out to us, letting us know you’re interested in selling and then coming to an agreement price. The second step, which is outlined in the second video, goes through the purchase and sale agreement. We answer: what does that look like and then move on from there. The third step, which is what this video is going to detail now is sending that Purchase and Sale Agreement to the title company for closing the transaction. Now, one thing I forgot to discuss in video two is how you sign that purchase agreement.

Nowadays with technology the way it is, there’s multiple ways in which you can sign the purchase agreement. We’ve had some people who don’t have email and we have mailed them multiple copies of the purchase agreement so that they can sign it and have their own copy as well. And then they’ll mail that directly to the title company using the addressed and stamped envelope we provide. We have some people who prefer the contract emailed to them. They will sign it, scan it and email it back to us. That works too. The cleanest and easiest way, also the fastest way has been through eSign. If you haven’t done eSign before, the way it works is that we simply email all the people on the contract a copy of the contract to their unique email addresses. When they open up that email, it allows them to select a signature. After that they push a button to sign and once they do, it will automatically be dated. Through this process it records the unique IP address of their computer and it does that for everybody who signs so that we know it is really you who signed. Once everyone’s signed the agreement, it’s a legal executed contract. We’re able to email that to the title company. As for the actual signing of the agreement, whatever works best for you, whatever you feel most comfortable with, we can accommodate. In sum, once we have a signed, executed contract by all parties, we email that to the Title Company. The first thing the title company is going to do is assign a file number or the escrow number to the file which you can reference when you contact them. So that means that if you have any questions about the process, you’re welcome to contact us, or you can contact the title company directly with that file number.

There’s no reason why you can’t contact them directly for any questions that you might have. We want to make sure there’s full transparency throughout this transaction. They’ll issue the file number and then they’re going to begin working on the title commitment. Now, we don’t normally expect a title commitment any earlier than a week, maybe a week and a half, from the title company. And that’s normally meant for the buyers. It’s a full disclosure on the information they’re able to pull on the land. We’re going to review that title commitment. Oftentimes they’ll send a copy of that to you as the land seller as well, if you’re interested, but that’s something that we will review as a land buyer. After review we say, “Yes, we approve of this. Let’s move forward.”

That’s when they start pulling closing documents. So they will pull closing documents for you, they’ll pull them for us. They’re going to reach out to you directly and say, “Hey, how do you want your money?” If there’s multiple people on that purchase agreement, they’re going to ask you what the disbursement will be. Is it half and half? They’ll ask you, do you want this wired to your account or do you want a cashier’s check mailed to you? If you want that wired, they’re going to ask for your wire information, but they will reach out to you with that. Now, you as the land seller will have to sign the closing documents in front of a notary. Nowadays with COVID, some title companies aren’t allowing you to do that in person anyway. You may even be out of state or out of town. So it’s really, really convenient for you to take those closing documents and go to your bank and sign in front of a notary.

The Title Company will give you a label for you to overnight those documents back to the title company. As a land seller they’ll want originals. And sometimes they’ll tell you they want you to sign in blue ink, but it depends on the title company. In any case, they’ll give you instructions in your packet and you’ll be able to sign in front of that notary and send back the paperwork for closing. They’re going to wait for us to sign our paperwork and send it back. They’re going to wait for us to send them money. They’re going to require certified funds from us as the land buyer. They’re going to require us to wire funds or send a cashier’s check. And until they’ve got certified funds from us, until they’ve got our signatures and they’ve got your closing documents, nothing takes place.

The title company is a good third party intermediary. They protect all parties on on each transaction. So once they have everything that they need, they’ll record the transaction, and they will issue you the check or they’ll wire you the funds. And they’ll let you know, they’ll let all parties know that the transaction has funded and that it has closed. And that’s really all there is to that third step of the process. Getting that information to the title company and the title company pulling the documents, and then everyone’s signing and getting funded. After this, congratulations, you’ve sold your property and you’ve gotten a check for cash on the sale of that property. If this wasn’t clear, or if you have other questions regarding how TB Properties Buys Land purchases rural vacant land, please feel free to reach out to us. You can give us a call at 214-699-4455, shoot us an email, or you can reach out to us on our website. We’re happy to answer any questions that you might have. Thank you for watching. We appreciate it.

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