What properties qualify for owner financing?
All of our properties on our Listings page qualify for financing. The down payment amount varies based on the cash price.
Do I qualify for owner financing?
Yes. We understand that everyone has a unique financial situation, and we are committed to working with you. We will explore various options that align with your budget and ensure that the payment arrangements are manageable, alleviating any stress associated with the payments.
When do I get the deed?
When we finance land to buyers, we use a Land Installment Contract (you act as owner) but the deed will not be conveyed to the buyer until the final payment has been made on the loan.
Land Use Restrictions?
While adhering to the law and covenants or restrictions of the area (conducting your own due diligence), you have the freedom to pursue activities on the property. However, it's important to note that construction on the property is not permitted until it has been fully paid off. In the event that we receive code enforcement complaints or fines, we will promptly forward them to you. It will be your responsibility to address these matters in accordance with the county's requirements and within the specified timeframe stated in the citation. Failure to comply within the given timeframe may result in treating the situation as non-payment, leading to the issuance of a notice of default. You will then be granted a final 30 days to comply. We kindly request your cooperation with code enforcement and land use regulations. Our aim is to have satisfied customers who fulfill their payment obligations. Taking back properties, particularly those with unpermitted structures requiring cleanup, is not an ideal outcome for us.
Loan Default?
If the Buyer defaults on their obligations, the Seller has the right to provide written notice of such default to the Buyer. If the default is not remedied within five (5) days of receiving the notice, the Seller will issue an additional notice. This notice states that if the default is not corrected and all overdue payments (including reasonable expenses incurred by the Seller due to the default) are brought up to date within thirty (30) days of receiving the notice, the Buyer's interests in the Property will be forfeited. In such a case, the Seller is entitled to immediate possession of the Property and may retain all funds paid by the Buyer as liquidated damages, unless otherwise determined by a court of competent jurisdiction.
Are there hidden fees with financing?
We offer a straightforward fee structure for managing your note. A flat monthly fee of $12 is charged for our services. Additionally, we prorate the annual property taxes. Apart from these two components, there are no other fees involved.
What documents do we use for Financing? (Simple explanations, not intended for legal advice.)
- Installment Land Contract: This agreement serves as a clear representation of the mutually agreed-upon terms and conditions between you, the buyer, and Legacy Land LLC, the seller. It encompasses essential details such as the purchase price, financing terms, receipt of your down payment, and our commitment, put into writing. By having this agreement in place, we ensure that there is no room for misinterpretation and that our relationship thrives on open communication without any ambiguity.
- Promissory Note: The promissory note is a commitment from you to make timely monthly payments without any prepayment penalties. It is important to note that failure to make timely payments will result in applicable charges. Continued non-payment will incur additional fees. In the event of non-payment, we will send an email giving you a 30-day notice to make the payment before terminating the contract and reselling the land. However, we are always willing to assist if you reach out to us via call or email to discuss your situation.
- ACH Authorization Form: To ensure efficient management of your note, we charge a nominal monthly fee of $12. Additionally, there will be a prorated monthly tax fee based on the assessed value of the land. In order to keep our pricing competitive, we require automatic payments. You will need to subscribe to automatic payments through ACH (automated clearing house) – a secure and reliable payment method for transferring funds between bank accounts. We work with Actum Processing, a trusted third-party sender of ACH transactions, specializing in secure ACH payment processing solutions since 2011.
are there credit or background checks?
As we retain the legal title and deed to the properties until all payments are completed, there is no requirement for us to conduct any credit checks on you. In addition, we want to assure you that we do not perform any background checks either. Our focus is primarily on facilitating a smooth and transparent payment process, allowing you to secure the property without the need for credit or background checks.
is there monthly interest?
At Legacy Land LLC, we strive to offer flexible and advantageous options to our valued customers. We take pride in providing a financing solution that doesn't involve any interest charges. As the property is already fully paid for and owned 100% by us, we believe in rewarding those who choose to make an upfront cash purchase. This allows us to extend a discount to buyers who make the investment in full from the beginning, recognizing their commitment and providing added value.
For those who prefer financing, we offer terms up to a maximum of three years. It's important to note that for financed purchases, we apply a 10% annual increase to the cash price. This adjustment accounts for the extended payment period, ensuring a fair and transparent pricing structure for our customers.
Furthermore, we understand the significance of time and convenience in real estate transactions. We are committed to providing excellent customer service and helping you achieve your land ownership goals. Whether you choose an upfront cash purchase or opt for our financing option, we are dedicated to making your experience with Legacy Land LLC a rewarding one.
For those who prefer financing, we offer terms up to a maximum of three years. It's important to note that for financed purchases, we apply a 10% annual increase to the cash price. This adjustment accounts for the extended payment period, ensuring a fair and transparent pricing structure for our customers.
Furthermore, we understand the significance of time and convenience in real estate transactions. We are committed to providing excellent customer service and helping you achieve your land ownership goals. Whether you choose an upfront cash purchase or opt for our financing option, we are dedicated to making your experience with Legacy Land LLC a rewarding one.