I’m supposed to be meeting with a seller tomorrow to go over the sales agreement for the land to get signed, is there any important things I should put in the agreement before I print out and present it to the seller?
This is a land contract land deal?
Yes.
With that you just basically want to make sure that you stipulate that, an inspection period, I always for land, I always do 60 days inspection period. Between 45 to 60 days, just because it could take longer for your buyers to take a look at the property which is just the land, but they might want to do some testing. So we typically put that in there or we will add in, you know, subject to soil testing. Because they’re going to test the soil to make sure that one, there’s no gas leaks, two there’s no sinkholes. You know that it is safe to actually build on that piece of land. Also, the water level, make sure that they don’t start breaking ground and boom, they hit water. So a lot of those little things they want to find out prior. So they’re going to do an inspection on it. If all that comes back great, wonderful. Move towards closing. If not, then one of those things come back we might be in renegotiation stage or cancel the contract. So sometimes I like to put that in there, just to make sure they they’re fully aware of that. Or you could just you know, make sure you tell them.