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.
Average Land Closing Length
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.
Steps to Closing on Land
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.
- Title search and examination
- Property inspection(s) and surveys
- Bank financing
- Final walk-throughs
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.
How to Close Faster
In a hurry to close? There are a few things that you can do before and during the closing process to move things along.
- Get pre-approved for financing. Get all of your financing ducks in a row prior to putting in an offer on a piece of land (or, better yet, prior to beginning your land search at all). This eliminates some time-intensive steps from the closing process and also ensures you’ll be able to get the money you need.
- Pay in cash. If possible, pay in cash for your land purchase. This is another way to skip the financing aspect of closing, and may also make the seller more likely to negotiate with you on closing times.
- Ask for a shortened closing period. Speaking of negotiations, if you’re looking to close quickly on your purchase then it’s worth making the request when you put in your offer. There’s a chance that the seller is just as eager to close as you are and is willing to part with the property sooner at your suggestion.
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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