How it Works For All Cash Transactions
This article is about all cash transactions, if you are interested in purchasing a property using our In House financing, please read this Article On Our Financing to see how that works. Note: “All Cash” just means you are paying the full amount For the Property Right Away— It doesn’t mean you need to show up at our office with a suitcase filled with cash…
Important Note: This is the process for Closing “In House” With us, which is always free. Title insurance and escrow are available on all of our properties as a Buyer Expense. Please inquire directly if you wish to go that way.
Note: Landed Ground Will Typically Provide Title Insurance On Properties with a list price above 15,000. If you wish to have this, we simply ask that you pay the Buyer Escrow Fee for closing with a Title Company.
For Properties Under $ 15,000, Here is Our In House All Cash Closing Process
Step 1: Place Your Deposit
The first step is put in your earnest money deposit on the property using the Purchase button on the listing on our website. This will ask you for your Earnest Money deposit. “Earnest Money” means you are serious about the property and would like to move forward with the purchase. When buying real estate you generally submit a deposit and sign a purchase agreement and then “close” on the property at a date down the road. The closing Date is the day you will send in the balance between the deposit and the full purchase price of the property. Following the full payment, a Deed is recorded with the County Recorder of the county your property is in, conveying the property in full to you.
A quick note on putting in your deposit: Once you start the process of putting in your deposit, please continue all of the way through the process and do not click away. You will be asked to put in your name and address, this is very important information because this is what will go on your purchase agreement.
Step 2: Confirm Your Information
After you place your deposit, we will confirm the information we have received from you by sending you an email or text. When you place your deposit you will be able to put one name. If you would like your property to go under multiple people’s names, or in an LLC or Trust, please tell us at this time. Each Individual will need their own unique email address, where we will send the purchase agreement and other information. We will also ask you What day you will be Ready for the closing. On or Before the Closing Day you will need to have either sent a Zelle or Bank Wire the remaining Balance on the property over to us. (Sorry, We can Not Accept Paypal Or Checks for All Cash Closings, all closings must be Zelle or Bank Wire.) The longest we allow is 14 Days out for a closing date. If you wouldn’t be able to close for more than 14 days, please wait to put in your deposit until you have funds lined up, Or Better, use our financing or “Hold” options for the property you are interested in.
Step 3: The Purchase Agreement.
After we have confirmed all of this information from you, we will generate a purchase agreement and send it to you within 1-2 business days, along with other property information over to your email via Docusign. Docusign is a way of electronically signing documents. It is your job to Read the purchase agreements and documents we send to you to make sure everything is spelled correctly, the address is correct, etc. This is the Exact information that will go on your Deed. Please Note: The Exact name of the LLC on Title will Not be “Landed Ground.”
Step 4: Final Payment
After everyone signs the purchase agreement and associated documents, we will send one person a Second Docusign with the Wire/Payment information and the Transfer Disclosure Statement “TD 1000” OR Preliminary Change of Ownership Report “PCOR.” The PCOR/TD 1000 is just a simple form the county will require when we record your deed. For smaller amounts you can use zelle, but please know that some banks will limit how much you can send per day or per week with Zelle. For amounts more than 3000 it is best to use a bank wire. At this time, We will provide you with the information you need to take to your bank for the bank wire. Please Note: If you send an ACH instead of a Bank Wire, it will delay your closing as your bank will need to cancel the ACH and send a bank wire.
Step 5: You send us the difference between your Deposit and the total purchase price. It is always Ok to call to verify information, in fact we appreciate it when you do. Once we are in receipt of your payment, we will confirm with you.
Step 6: Closing Day! On this day we will Record your deed with the county and submit the PCOR. We take care of all of the document, recording and transfer fees for closing, and make sure property taxes are current, etc. Once the Deed is Recorded it will be processed by the County, who will change the name on the property after a few weeks. Expect about 6-7 weeks before your Recorded Deed is sent to you in the mail.
Step 7: After the county processes your Deed, a congratulations are in order ! You are the new owner!
It really is that simple !
Do you still have questions? READ OUR Frequently Asked Questions Page !
