How We Buy
We have a simple and efficient process for acquiring vacant land:
-
Research: We conduct market research to identify potential properties of interest.
-
Letter of Intent (LOI): We send a non-binding letter of intent to the property owner expressing our interest in purchasing the property (the LOI includes a tentative sale price).
-
LOI Response: The property owner responds to our LOI expressing interest in selling the property.
-
Offer & Acceptance: We confirm the sale price and other terms, and all parties sign a binding purchase contract (this is sometimes described as being "under contract" or "in escrow").
-
Due Diligence Period*: We perform due diligence on the property to verify important conditions including zoning, accessibility, restrictions, etc.
-
Title Work & Closing: Once the due diligence conditions are satisfied, we will work with a local title company / attorney to complete title work and finalize the sale (we pay all closing costs associated with the sale).
-
Closing & Ownership Transfer: At the sale, the closing documents are signed by all parties, then recorded with the local county or parish, and ownership of the property is transferred to us. The seller receives the sale proceeds directly from the title company / attorney.
* Occasionally, we find unexpected issues during the due diligence or title work process (zoning issues, wetlands issues, easements, encroachments, liens, etc.). Many of these issues can be resolved without impacting the sale, but in rare cases, if the issue is severe and negatively impacts the value of the property, we may request to reduce the sale price or even cancel the sale.
Please note that a seller is NOT obligated to accept a lower price than initially agreed upon at offer acceptance.
If we can't come to an agreement to reduce the price, all parties can simply agree to cancel the sale.