STEP 5 – If you are Buying the Land
Your Loan Consultant will need to talk with your real estate agent before an offer is made. The land does not have a separate closing. The land contract is closed and funded along with the construction contract.
Land Contract Contingencies:
- Minimum of 90-day closing of escrow
- Minimum 60 days for appraisal contingency
- Minimum of 45 days for inspection contingency
- Title & Escrow Company is builder’s choice if possible
Land Seller must be flexible for extensions if needed.
If a Septic System is to be installed, make sure the land seller provides a recent percolation test. Also make sure boundary lines and corners are properly marked and documented.
Send executed Land Contract and any Addendums to Loan Consultant once offer is accepted.