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Buying Land

Buying country property should be a pleasant and exciting experience. This guide is intended to provide you with an insight into how the process normally works.

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The first step is selection of the property. After you have made a decision the major step is signing a contract. The contract will bind you to purchasing the property subject to the conditions in the contract and will bind the seller to selling the property to you. This process is only complete when all parties to the contract have signed. Usually the purchaser provides a deposit at the time of signing the contract. This deposit is also called earnest money or binder. This binder is held by the broker until such a time as the sale is closed or otherwise terminated. Since the deposit is provided to ensure the seller that you will perform according to the terms of your contract, failure to act within the terms of your contract may result in the loss of your deposit. Quite often contracts have conditions which must be met to fully complete the contract. Such conditions can be such items as obtaining financing. Usually the contract provides that if the buyer is unable to perform, the deposit is returned to the buyer. The deposit is usually applied to the purchase price.

The closing is the time and place where title to the property is actually transferred from the seller to the buyer. The time between the signing of the contract and the closing is to allow the parties to perform the tasks required under the contract. For the buyer, it might include having an attorney perform a title search and preparing instruments necessary to close. For the seller it might involve any requirements imposed by the contract on the seller. Title actually passes between the buyer and seller when the seller delivers the deed to the buyer at the closing. A closing statement is provided and signed by all parties that explains the allocation of monies at the closing. Ultimately it provides how much money the buyer must provide and how much the seller actually receives.



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