Once you find the perfect piece of land for you and your family, purchasing it is fairly quick and simple…and we are here to help! We will complete all the necessary paperwork, present your offer to the seller, and help get the closing process started if your offer is accepted. Here’s what to expect:
Make an Offer
- We will need the following information from you to fill out the paperwork:
- Buyer name(s) as you wish to take title the land (This usually you and a spouse or relative(s), a trust, or a legal entity such as an LLC or LLP.)
- Buyer(s) contact information (mailing address(es), phone number(s), and email address(es))
- Your offer price and terms, including any contingencies (such as financing)
- Amount of earnest money you will submit as a deposit (Typically this is 5% of the purchase price or at least $1,000.)
- Information on the property you wish to purchase (legal description, parcel/property identification number, or MLS number)
- We will draft the appropriate documents using standardized Minnesota forms and forward them to you with complete instructions via email or postal mail. Vacant land transactions through LandRadar.com generally include a/an:
- Vacant Land Purchase Agreement
- Addendum (for Potlatch land)
- Agency Disclosure
- Vacant Land Disclosure
- You need to carefully review the documents we prepared, sign them if acceptable, and return the signed documents to us along with your earnest money. Be sure to seek counsel from an attorney if you have any questions about the terms in the purchase agreement before signing it.
- If your offer is contingent on financing, we will also need a letter from a lender indicating that you are pre-qualified for the funds to make the purchase. Our Land Financing section has a list of lenders that fund land purchases.
Present Offer to Seller
- When we receive the signed documents and earnest money from you, we will present your offer to the seller. The seller may accept the offer, counter your offer with different price and/or terms, or reject your offer.
- We will promptly notify you of the seller’s response and work closely with you through any counteroffers or other details needed to help you and the seller reach an agreement.
- When all terms are agreed upon by you and the seller, the Purchase Agreement (PA) will be complete. We will provide you and the seller, as well as your closing agent(s), copies of the fully-executed PA and any other applicable documents. You are now well on your way to owning the land!
Proceed to Closing
- We work with a number of closing/title companies in our area that we can recommend or you may close with any qualified title professional of your choice.
- Your title professional will confirm how you want to take title of the land and if you wish to purchase title insurance.
- Your title professional will prepare a title commitment or title opinion identifying any title concerns or exceptions to title insurance.
- At the closing, you will need to provide cash for payment/down payment 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.
- Generally you will be given possession of the land once all closing documents are signed by seller(s) and buyer(s). Your title professional will handle recording the deed and any other documents at the county to officially transfer ownership to you.
If you are ready to get started, call us at (218)824-LAND (or toll free at (866)403-LAND or click HERE to email us!