purchasing process
purchasing process
how to buy
coet land
Our mission is simple: to provide affordable land and make the purchase process as quick and as straightforward as possible. We believe becoming a landowner should be within everyone’s reach.
Below, we provide the steps necessary to purchase land from us online or over the phone. We describe in detail two simple ways to close the deal and become a land owner.
process for buying land
In general, there are two ways we close vacant land real estate transactions (attorneys can also close transactions), which are summarized below. Each closing process has a set of risks and benefits, so it is important for buyers to understand the differences.
NOTARY CLOSE
Close the transaction through a mobile notary, provided by us to present the documents in person to buyer.
Pros:
✔️ Close with Coet Land directly, no middlemen.
✔️ Typically faster to close.
✔️ Less expensive than using a title company.
✔️ Convenient, a mobile notary comes to you.
✔️ We record the deed with county for you!
✔️ Refund possible.
Cons:
❌ No title search / insurance to protect against title defects which can be costly and time consuming to correct.
❌ Likely more costly / time consuming in the long run (your future buyer / lender wants title insurance, etc.)
ESCROW / TITLE CLOSE
Close the transaction through a title or escrow company.
Pros:
✔️ Receive title insurance to protect against title defects.
✔️ Title company handles all administrative tasks (e.g., records deed with the county, completes paperwork, etc.)
✔️ Funds held with neutral third party.
Cons:
❌ Closing with a third party.
❌ Most often more expensive.
❌ Typically takes a week or so longer to close – but usually very fast if title insurance was recently issued.
❌ No refunds!
Buyer is responsible for all title / escrow costs which vary from state to state but typically range from $400-$700 if title insurance was recently issued. Typically, title companies will only charge the escrow fee and waive the title related fees if they recently issued insurance on the property. Feel free to contact us with any questions.
While title insurance is not required to purchase property, we typically recommend that buyers purchase title insurance on properties of significant value, usually over $5,000.
COET LAND'S PROCESS for self-closing Online
The process is very simple:
Step 1: Select a property by clicking the “Buy Now” button. You will then be forwarded to the checkout page where you will be prompted to enter your payment and contact information details.
In the ‘Order Notes’ box please let us know the following:
- If you would like to add additional names on the deed (all must be able to sign).
- If you would like to pay the full purchase price in cash or if you would like to use an owner financing option (If Available). Please note that owner financing is not available on every parcel, so review the listings for owner financing availability before you check out.
- If you would like to close via an escrow/title company to receive title insurance or do a notary close to just receive the deed.
Step 2:
If you are paying the full purchase price in cash:
- We’ll send you a purchase agreement separately to sign.
If you are using an owner financing option (if available):
- We’ll send you a packet of documents that include: a purchase agreement and a land contract. The land contract basically states that the seller holds the legal title to the property for the entire term of the loan (i.e. – the deed won’t transfer to the new buyer until after the loan is paid in full). In the meantime, it allows the buyer to take possession and use the property immediately after signing the land contract.
Step 3: Upon confirmation of personal details and signed purchase agreement.
If you are paying the full purchase price in cash.
- We’ll send you a notarized deed and we’ll even record it with the county or local municipality for you as an added benefit of doing business with us so that you don’t have to. Based on your preference, we’ll open escrow with a title company so you can benefit from title insurance, once we receive the full purchase price.
If you are using an owner financing option (if available):
- Once the terms of the signed purchase agreement and land contract are fulfilled (i.e., you pay off the amount owed), we’ll send you a notarized deed or we’ll then open escrow with a title company so you can benefit from title insurance.
Step 4: Finally, the property is yours! Congrats!
- (305) 988-0352