Beth:
Hi, I’m Beth with TB Properties Buys Land. Let’s just say that you have 10 plus acres of rural vacant land and you’ve made an agreement with an investor such as TB Properties Buys Land to sell your vacant land to us. The question that I’m going to answer today is: what is required of you for the transaction to take place? What do you need to do for the sale to convey from you, the seller, to investors such as TB Properties since you’re selling directly and not using a realtor? The great thing is if you are closing through a title company that is licensed to do transactions within the county where your property is located, there’s very little that you really have to do.
One question that we’ve gotten is, “oh no, the purchase agreement says I have to provide an abstract or owner’s policy if I have a copy of that. I don’t know what that is” or “I no longer have a copy!” Maybe your land is inherited from your family. Maybe there was a fire or you moved and that paperwork was lost. What is great is that is not required that we have your abstract or owner’s policy in order to purchase your property. It would be a nice thing for us to review and check out before proceeding with the transaction but it is not required. The great thing about working through a title company is that they are going to pull the entire chain of title from the very beginning of the history of that property. They’re going to look at all the past deeds and they’re going to make sure that the chain of title is intact and that there is no cloud in the chain of title and that they can properly convey the property from you to TB Properties Buys Land.
Furthermore, when we purchase property, we cover all the title costs. That includes the escrow fees for buyer and the seller, but we also cover title insurance. So we don’t need your abstract or past owners’ policy. We’re going to be purchasing a brand new one. Another question we’ve gotten is on our purchase agreement, we mentioned that a warranty deed is required. But that doesn’t mean you have to put anything together. You as the seller are not putting together the deed, you don’t have to worry about talking to the title company about a warranty deed. This is just specifying to the title company that the way we want the property conveyed is through a warranty deed since there are multiple types of deeds out there and we have to specify which one we want.
In any case, Title puts that information together. They actually provide to you a copy of the warranty deed and they’re going to ask you to either sign in person at their location, or they allow you to close remotely by signing in front of a notary. Whether it’s at your local bank for free or at your local Pak Mail, UPS, FedEx type store, you are able to close remotely in that manner.
When it comes to working with a company like TB Properties Buys Land, all you need to do is come to an agreement on what you want to sell your property for. We will discuss this with you and come to a price we both agree on. When you feel like we’ve come to an agreement that works for you, then we will send you a purchase agreement. It is one page and it’s very simple. We don’t want it to be complicated. Once you sign that, whether you sign that electronically via e-sign, or if you print it, and sign it, and scan it and email it back or mail it directly to the title company, it doesn’t matter to us… Once you sign that, then title moves forward with it and then it’s up to them to pull the paperwork, to do the research and and provide their Title Commitment to both of us for review.
Then after that, they’re going to send closing paperwork out to both you as the seller and to us as the buyers and they close. So it’s pretty easy. If you have additional questions about the closing process, please feel free to reach out. We want to make sure that you feel a hundred percent comfortable before selling your property. We look forward to hearing back from you and appreciate you tuning in. Thanks again.