Owning land is one of the most satisfying investments you will make. It is a fairly simple process but there are important steps to ensure that a great experience. Here are the basic steps to getting the land of your dreams.
Understand Needs and Wants
Know “Why” and “How?”
- What is your intended use? (Homesite? Hunting? Recreation? Investment? Development? A combination of uses?)
- How much of a financial commitment will you make? Will you be purchasing with cash or need a loan? What price range?
- If you plan to develop the land to sell smaller tracts, do you have the finances qualified team of professionals to assist you?
What’s most important?
- Make a list of the things that are important to you and your family.
- Differentiate between must have versus want it to have.
- Primary considerations are location and condition, such as distance to/from a town or natural feature, access, waterfront features, soil conditions, topography, timber, upland/wetland area, applicable easements or use restrictions, environmental issues, fire and law enforcement protection.
Locate your land.
- Quick search for various criteria through Find Land. Search by keyword, price, size, city, township, county or community. Or, use the All Listings Map View.
- Drive through your areas of interest and look for “LandRadar.com For Sale” signs.
Know what you are buying.
- Call or email us with your questions.
- Use the Land Buyer’s Check List as a guide to better understand the property.
- Personally inspect the property.
- Understand the boundaries; available utilities; how you will access the property; and whether easements, encumbrances, or restrictions that affect the land. Make sure that the soil is suitable for your use.
- Contact local government about your use of the property and any zoning or other restrictions (as well as building code information if you’re planning to build).
- Consult your financial representative, tax professional, banker, and legal counselor for any other due diligence they would suggest.
- Due diligence (research) should be done prior to signing a Purchase Agreement so that your purchase will go smoothly and any concerns resolved.
Purchase the land.
- Vacant land transactions through LandRadar.com can include these and other documents:
- Vacant Land Purchase Agreement
- Addendum (for Potlatch land)
- Agency Disclosure (if a residential lot)
- Vacant Land Disclosure
- We prepare the paperwork using standardized Minnesota forms that cover all aspects of the transaction. We will include any contingencies (like financing) that are needed.
- Consult your attorney with questions about the documents or title.
- Consult your attorney, tax professional, and/or other professional about how you should take title to the property. Choices include (as individual(s), joint tenancy, tenants in common, a trust, or other legal entity such as an LLC or LLP).
- Financing is available through your bank, savings and loan institution or credit union. It’s best to get pre-qualified prior to making the purchase. Visit the Land Financing section for more information.
- Also see the Land Purchasing section for more details.
Now, it’s yours!
- Complete Title Services (a First American Title company) in Baxter, Minnesota, coordinates nearly all the closings for purchases through LandRadar.com. Although Complete Title Services is very competent, you may close with any title company or qualified attorney of your choice. Many transactions are closed through mail, saving you time and travel.
- The title professional will prepare a title commitment identifying any title concerns or exceptions to title insurance.
- At the closing itself, you will need to provide cash for payment/downpayment and closing costs as well as financing for any balance of the purchase price. You will sign final documents and receive copies of all documents that you have signed as well as a closing statement detailing the financial aspects of the transaction.
- After closing, the title professionals will handle recording the deed and any other documents at the county to officially transfer ownership to you.
- Typically, you get possession of your new property at the time of closing.
- Once you own it, enjoy it! Make it better. Make memories with family and friends. Have fun. If you are planning to build, get your building permits, secure a contractor, and move forward with your plans!
- Check out Land Enjoying for links to resources that might help improve your land-ownership experience.