Published date:March 28, 2023
Last updated date:March 28, 2023
By Manny Manriquez
There’s a lot that goes into the land buying process before you ever actually take ownership of the property. And while getting your offer accepted is definitely one of the bigger hurdles to get past, it’s not until you’ve closed that you’re really in the clear.
Closing on land, like closing on other types of real estate, is a process with very clear steps and requirements. So how long does it take to go from an accepted offer to a closing? Here’s what to know about closing on land deals, including how long you’ll have to wait before you get the proverbial keys.
Assuming everything goes smoothly, you can expect to close on your land purchase within 30 to 90 days after an accepted offer.
Variables that may lengthen or shorten the amount of time you have to wait until closing include predetermined negotiations you’ve made with the seller (such as for a shortened or extended closing period), as well as any snags you hit along the way with inspections or financing. Your closing period may also be affected by whether or not you’re paying cash for the property or having to take out a loan.
A traditional land sale goes through a number of steps between when you make an offer to buy and when you officially own the property.
If you’ve bought land, or even a brick-and-mortar property, in the past, then this should all look very familiar. However, it’s not uncommon for certain challenges to arise during the land closing process that you won’t typically face with residential or commercial properties, such as issues related to title or easements. A good real estate agent and attorney will help you navigate these issues with ease so that you know when it’s worth moving forward and when you’re better off backing out of the sale.
In a hurry to close? There are a few things that you can do before and during the closing process to move things along.
Keep in mind that even with a sped-up closing you still need to leave plenty of time for title and land inspections. Don’t rush through any step, and do your due diligence prior to closing so you can be sure you’re getting a great deal.
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