What are TB Properties Buys Land’s Requirements When Purchasing Vacant Land?

What are TB Properties Buys Land’s Requirements When Purchasing Vacant Land?
Hi, I’m Beth with TB Properties Buys Land. Today, we’re going to discuss some of the requirements that we have for purchasing your vacant land that you’re ready to sell. If you’ve received a letter in the mail from TB Properties Buys Land with an offer to purchase your property, you’ll notice on the second page that we list a few of our requirements. If you did not receive an offer letter from us and found us online, this may be new for you. The first requirement that we list is “legal ownership.” We need to make sure that you are legally able to sell the property. Perhaps you’ve got power of attorney, which means you would have legal ownership, or we would need to make sure that you’re in touch with the people who do legally own the property and they must be willing to sign the original purchase agreement as well as the closing documents. In sum, “Legal ownership is required.”

The number two requirement is “unobstructed legal access to the property, and physical access to the property.” What does that mean? Is there a gate that is blocking the property? If there is a gate, do you have access? Do you have a lock or a combination? Is there a road going to your property, or is it landlocked? Is there a road but it’s a private road and you don’t have legal access to that? Do you even know? And if you don’t, we’re willing to look into that and try to answer that question for you.

The third requirement is knowing the acreage of the property. If we sent you an offer in the mail, and we sent you an offer for, say, 40 acres or 100 acres, that purchase agreement needs to reflect that acreage is intact. There are times the acreage is off. Maybe we have to get a new survey, but often times it is easy to figure out. A couple acres off here and there, it may be no big deal.

Item four requires that there are no encumbrances and that you have proper title in order to convey the property. Are there any liens against the property? Perhaps there is a mortgage against it. That might be an easy enough fix; often the sale proceeds can pay off the mortgage, or even the back taxes. Often we can work a deal in which we pay the back taxes for you so that you can sell that property. Now, if you’ve got liens against the property and you owe tens of thousands of dollars, that may not be an option, but “no encumbrances” and then also making sure that you have a proper chain of title is a requirement.

If there is a cloud in the chain of title, the title company will not be able to ensure title to the property, and that becomes a problem. The last requirement or contingency is the property itself. When you come to us ready to sell your property, we’re going to take a look at your property. We’re going to take into account all these things and any attributes or drawbacks to your property. Maybe your property is a beautiful, a flat property that’s got power and water, and it’s ready to build, or maybe it’s the side of a cliff. Maybe there was a fire that went through. Maybe it is landlocked but you’ve got an easement, and we have to factor in putting in a road, getting a survey, all these things.

Those are just a few examples of things that will factor into our offer on your property and whether we can purchase your land, but those tend to be a little bit easier, where we can maybe adjust the price to up or down depending on how that property is. These are some of the requirements that we have when it comes to purchasing your vacant land for cash through a Title Company. If you are ready to sell your vacant land, feel free to reach out to us. Every property, every ownership situation, or inherited ownership situation, is a little bit different, and we can answer any specific questions that you might have. Sometimes it takes a little bit more research, getting out to the property itself, but we’re happy to dig in a little bit deeper to get you an offer price that properly reflects your individual property and your needs. I look forward to hearing back from you. Feel free to reach out across our website. Give us a call or shoot us an email. I look forward to working with you. Thanks.
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