Questions to Ask When Buying Land
You probably have some questions. That’s okay, a lot of people do. Here is a collection of questions that we get asked regularly, along with our answers.
If your question isn’t listed below, don’t hesitate to contact us or call us at (313) 349-0434. We’ll be happy to answer any questions you have.
Q: How do I make an offer on a property?
A: You can use the ‘Buy Now’ button on the listing page to submit the non-refundable deposit and reserve the property. If you want to make a different offer, call Andrew or Lori at (313) 349-0434 or email sales@compasslandusa.com. All offers are on a first come first served basis, so don’t wait!
Q: What is the ‘Buy Now’ button?
A: This allows you to reserve the property through our website with a safe and secure checkout. Click this button, and you will be directed to the checkout page where you will submit the $599 non-refundable deposit with your debit or credit card. If you would like to pay with a different method you can contact Andrew or Lori at (313) 349-0434.
Q: What is the ‘Request Custom Plan’ button?
A: This allows you to request a custom owner financing plan with terms different from the finance plans already listed. We will receive an email with the request and reply within 24 business hours. You can also contact Andrew or Lori directly at (313) 349-0434.
Q: How is a sale closed?
A: We close most sales with the help of a local title company or real estate attorney. After receiving the deposit (which is deducted from the purchase price at closing), we will circulate a Sale Agreement documenting the terms of the sale. The title company will take over the transaction once we provide the signed Sale Agreement. They will provide documents for both parties to sign, and will perform escrow by collecting your payment. They will issue you title insurance and record the documents. Most documents can be electronically signed by you, or printed and mailed back using Fedex or UPS. You will be issued a deed at closing.
Q: Do I have to pay for closing costs?
A: No – Compass Land USA will cover all the closing costs.
Q: Do you really pay for the first year of my property taxes?
A: If you purchased a property from us with cash – Yes! Send us your first annual property tax bill (sales@compasslandsua.com) and we will pay it in full for you! A little thank you for trusting us with your land investment.
Q: How do cash sales work without a title company?
A: This is the quickest way to make the property yours. It goes like this: 1) We send you a Sale Agreement for your review through an electronic signing service called SignNow. 2) You, Felicia, and Andrew will review and sign the documents. 3) We sign and notarize a Warranty Deed deeding the property to you and let you know when this is done (evidenced by a picture or video). 4) Your payment is processed (credit/debit card, wire, or overnight check). 5) When payment is received we immediately send the deed to be recorded. Most counties will finish recording within 2 days.
Q: How does owner financing work without a title company?
A: Here are the steps: 1) You submit the non-refundable deposit through the Buy Now button on the listing. 2) We send you a Promissory Note, Contract for Deed, and a Land Sale Contract for your review and signature through an electronic signing service called SignNow. 3) Your remaining down payment is processed. 4) We set you up for automatic monthly payments with our payment processor GeekPay. 5) Your property is deeded to you within 30 days of the property being paid in full.
Q: Why is the cash price less than the terms price?
A: Since we’re getting paid for the property over a number of years, we do charge a higher price overall. This allows you to skip applying for funding from banks, and build equity in your property with easy monthly payments. And you can prepay at any time without penalty.
Q: When can I defer a monthly payment?
A: Once you have made 12 monthly payments successfully you have the option to defer 1 monthly payment to the end of your loan. We know that tough periods happen, and hope this helps you!
Q: How long after submitting a deposit until the sale is closed?
A: If we are closing your purchase through a title company the process takes about 3 weeks. If you’d like to close directly without a title company, the process usually takes a few days as we prepare, review, and sign digital paperwork and process any necessary payments.
Q: What can I do when I have financed the property?
A: If we close the sale through a title company, you will get ownership of the property at closing (generally about 3 weeks) and can then make any modifications you want. If you are financing directly through us (no title company), we don’t allow any structures or buildings to be constructed on the property while it is under contract. This is to avoid any touchy permitting issues. You can, however, visit and recreationally enjoy the property whenever you want! If there is a modification you would like to make to the property while it is under contract, you must receive written consent from us first.
Q: Are you realtors?
A: This is a great question and one we get asked often! No, we are not real estate agents or brokers. We are land investors, we own the properties that we offer.
Q: Can I visit the property before I purchase it?
A: Yes! Just keep in mind that our properties are sold on a first-come-first-served basis. If you want to make sure no one else buys the property before you visit it, you may want to consider submitting the non-refundable deposit to reserve it. We can also arrange to have our listing agent meet you at the property.
Q: How do I find the property?
A: Each property listing on our page has the corner coordinates, an address, and what type of road access it has. There is also a map that shows the exact property location, and a link to the property on Google Maps. You can enter the address or coordinates provided into your GPS or favorite map application on your cell phone, and it will direct you to the property! If you would like a realtor to show you to the property, this can also be arranged – call or text us to set up your visit.
Q: What kind of land do you have for sale?
A: We specialize in vacant and undeveloped land. These properties can be zoned as recreational, residential, open use, or agricultural. Some of the residential lots have utilities, but it’s not a guarantee. We try to keep a variety of properties in our inventory, to accommodate investors who want different things. We will clearly state on the property listing page what is and isn’t available with each property.
Q: What is this property zoned?
A: The zoning of the property is in the Details section on the property’s listing page. You can also call the County to confirm (you will need the parcel number – found on the property listing page).
Q: How often do you add new properties to the website and VIP list?
A: We are always acquiring new properties, and add them to our website on a continual basis. Be sure to check back often and let us know where you’re interested in buying land so you don’t miss any new properties!
Q: When I look up the property on the County’s database, I see it’s in someone else’s name. Why is that?
A: It can often take a County months to update when a property changes owners. We move property very quickly, so it often happens that we move quicker than the County can update their database. We can easily provide proof of ownership by sending you a copy of our deed and the documents we used to purchase the property.
Q: Why purchase from Compass Land USA instead of other online sources like Facebook and eBay?
A: All of our properties have all been hand-selected by us, and we do our best to accurately showcase their features and qualities. We only sell quality land we believe people will love, at a fair price, with affordable terms. We also have an online reputation with many positive Google and Facebook reviews that we seek to protect.
Q: Are back taxes and debts owed on this property?
A: No. We pay off all taxes and debts owed on the property before we bring it to the market. The County’s Treasurer office can verify that the taxes are up to date. We will share in the property listing if the property happens to be in an HOA or POA, as well as what their annual fee is. All information we know is in the property listing.
Q: Are mineral/oil/gas rights included with the property?
A: Mineral, oil and gas rights might convey with the property. If this is something that is important to you, please contact us and we will check out title commitment from when we bought the property to see if they have been reserved.
Q: Does the property have utility access?
A: It depends on the property. If it does, it will clearly state in the property listing which utilities are included.
Q: How much will it cost to drill a well?
A: This varies greatly by location and how far the drill would have to go to tap water sources. You can call a local contractor or well-driller for an estimated quote.
Have a different question? Call Us! (313) 349-0434