The following is the process to be followed according to the purchase plans.
CASH PAYMENT
PAYMENT BY FINANCING
MONTHLY PAYMENT WILL CONSIST OF THE FOLLOWING
CASH PAYMENT
- The first step is to sign a purchase agreement, which will be done electronically through SignNow.
- Once the contract has been signed, payment must be made.
- Once paid in full, title to the property will be transferred to your name through a full warranty deed. A warranty deed is a type of deed in which the grantor (me) guarantees that he or she has clear title to real property. This is the best deed option to purchase, as it fully protects you as the buyer.
- The deed will be recorded electronically with the county, and once the recording is complete, we will mail you the copy of the deed. There is a document preparation fee of $750 – $1000, for recording with the city, which covers the cost of creating and recording the document. There are no other closing fees associated with the transaction process.
- The cash purchase process is very simple, the transaction can be completed in just a couple of days.
PAYMENT BY FINANCING
- The first step will be to sign a purchase agreement, followed by a contract for deed and promissory note, the latter two documents outlining the terms of the financing and your promise to pay. All three documents will be signed by both (seller and buyer) electronically through SignNow.
- Once the contract is signed, you will make the initial payment and document preparation fee ($795 – $1000).
- Finally, a monthly payment plan will be registered.
MONTHLY PAYMENT WILL CONSIST OF THE FOLLOWING
Monthly installment of the financing.
- Property taxes (monthly).
- Homeowner’s Association dues (escrowed if applicable).
- Promissory note service charge (monthly).
- According to the contract signed by the financing, the property will remain in the seller’s name until full payoff. Once paid in full, the property will be transferred through a full warranty deed (similar to cash payment process).
- You can make prompt payments, the penalty for late payments will be $50 over your monthly payment.
PROCESS AT THE END OF YOUR PURCHASE:
CASH PURCHASE
PURCHASE BY FINANCING
SALE OF THE PROPERTY
SUMMARY
CASH PURCHASE
- When the property is paid in full, the process to record the property in your name will begin within one business week and the deed will be mailed to you. Also, please be advised that you may receive a questionnaire from the county asking you some questions regarding the purchase of your new property, which you are not required to complete, but your response would still be greatly appreciated.
- Finally, please be advised that you will not receive information until the start of tax season, which is generally in OCTOBER and/or NOVEMBER, but may vary by state and county, at which time you will receive a tax bill electronically (mail). Taxes are due annually and most counties have electronic payment options.
PURCHASE BY FINANCING
- If your property is financed, you will not receive any documentation from the county until it is paid in full and the property is transferred. This is because the property will remain in the seller’s name until the title is transferred.
- The seller FIRST LAND USA will surcharge the monthly tax and HOA payments (if applicable), to your monthly payment, until the property is transferred in full.
SALE OF THE PROPERTY
- Once you own the property and the deed has been transferred into your name, you can sell it at any time, it is just recommended that you hire a local title company to help facilitate the transaction. Please note that if you sell your property for profit, you may have to pay taxes.
- If you are a foreign investor, you may be subject to an additional FIRPTA (Foreign Investment in Real Property Tax Act) tax.
SUMMARY
- I hope you find in this buying guide all the information you need for the purchase of a land in FIRST LAND USA, remember that we always provide security and ease in the process.
If at any time you have additional questions, please do not hesitate to contact us, we will always be available to help you.
We look forward to doing business with you and helping you realize your dream of owning land in the United States!
You can contact us through these means:
Phone: +1 (786)5671184 (whatsapp)
E-mail: sales@myfirstlandusa.com
