How to Buy Land & Property
The process of buying different forms of real estate (real property) can be confusing and frustrating to the first-timer. Supplies of property, interest rates and property values change day to day on both the local and national levels. Understanding the paper work involved helps the process move smoothly, although there is no guarantee that glitches will not occur.
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Instructions
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Create a list of the features you want in land or property so you don't waste time on properties that are inappropriate.
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Research the area where you are interested in buying land or property (building). The most effective method is to travel to the desired area. Pick up a local print publication at a grocery store and review the photos and written descriptions of land and property. Circle those of interest; drive by if you wish.
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Contact a local real estate agent for more information about properties that interest you or similar properties. Find out their fees up front. Ask the agent to set up appointments. Land viewings may not require an appointment, but the owner should be notified of the visit.
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Once you have found a property that meets your requirments, place an offer. Your real estate agent submits it to the agent representing the seller. When the seller accepts your offer to buy, you are under contract to purchase the property.
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If you are borrowing for the purchase, contact mortgage companies or banks to begin the process of acquiring financing for the property. Mortgage companies have access to a multitude of lenders and, possibly, different best interest rates. When financing is secured, a settlement date will be set and you will meet with a title agency to close on the sale. This is the time when you will sign many different documents that seal the purchase and make the sale legal and binding.
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Tips & Warnings
Use your newspaper or search online for banks and mortgage companies in your area. Check their standing with your Better Business Bureau before asking for a rate quote.
Various personal documents are needed in order to secure financing for real estate. At a minimum, you will need three to four months of pay stubs or proof of retirement income, three to four months of bank statements, employment verification, and tax return information for at least the previous year. If you are self-employed, the bank will likely require additional documentation of income, perhaps a year's worth of records of income, profit-and-loss statements, or both.
