Module 4

Contracting and Financing the Land

  1. Land Purchase Techniques
    • Research the Property, Developing Knowledge of Its Use
    • Verify all the Facts
    • Research the Seller: Learn His or Her Needs
    • Have Alternate Plans
    • Have Patience
  2. Items to Consider When Making an Offer
    • Purchase Price
    • Cash Downpayment
    • Seller Financing
    • Closing Date
    • Earnest Money
    • Inspection Period
    • Closing Costs
    • Closing Extension
    • Closing Prorations
    • Brokerage Commission
    • Seller Warranties
    • Deal Contingencies
    • Transaction “Outs”
    • Right of Contract Assignment Clauses
  3. Determining the Land Offer
    • Comparable Properties Land Appraisal
    • The Backdoor Approach to Land Value
  4. Structuring the Financing Techniques
    • All Cash
    • Seller Financing
  5. Other Creative Land Purchasing Techniques
    • Joint Venture
    • Options
    • Ground Lease
    • Ground Lease with an Option to Purchase
    • Land Contract
  6. The Art of Negotiating the Land Deal
    • Be Prepared with the Facts
    • The First Meeting
    • The Offer
    • The Counter
    • The Counter-Counter Offer
    • Being Willing to Walk Away
    • Renegotiating the Deal after the Contract is Signed
    • Ten Important Factors in a Successful Negotiation
  7. Legal Documents Required to Purchase Land
    • Letter of Intent
    • Land Purchase and Sales Agreement