Purchasing land can be easy if you follow these simple steps.

How do you go about buying land? Most people purchase land in cash, but if you choose not to go that route, you can certainly finance it. In that situation, however, you will have to go to a specific lender who offers that product.

When financing, the lender typically requires a 20% to 25% down payment. It may also be at a higher interest rate than a conventional loan. This is because lenders view vacant land as a riskier investment.

When you are under contract for the land, you have a due diligence period. This typically lasts anywhere from 15 to 30 days, but you can extend this if both parties agree. During this period, you’ll want to check with the county on any zoning or environmental restrictions to ensure that the lot's usability aligns with your real estate goals. You’ll want to ensure that there are no liens or encroachments as well.

When all of that is done, you can close on the agreed-upon date at a title company or attorney’s office.

If you have any questions or are looking to make a move, please call us at (417) 917-9022 or send an email. We’d love to be your real estate consultant!