By Chuck Magee
If you are looking to purchase land for sale in Alabama there are a few things you will need to know about contracts and purchase agreements. When buying land for sale in Alabama, after you have found that perfect land tract or rural home you will want to secure your position as buyer of the property.
It is very important that you know what you are doing in contract negotiations if you are not using a licensed Realtor. Many people don’t want to use a Realtor due to the commission, if a contract goes bad and you did not understand some of the language or maybe you just have not ever heard of a particular situation before that 6 % commission could look really cheep.
In the looking phase of Alabama land buying you also need to be doing your homework on the closing of the land transaction, this means a contract for sale and purchase, closing attorney, deposit, sales price negotiations, and title company, all these things will be needed and can cause or save many headaches. When you chose a contract for sale and purchase Alabama has many requirements other states do not, keep in mind roll back taxes, in my opinion a very unfair system but that’s a discussion for another day, your contract should take care of every possible situation. If you are trying this process on your own at least get some help on the contract and a good place is from a title company, you must employ a title or abstract company to get the closing started anyway. Many title companies are owned by law firms or individual attorney’s and will have their preferred closing contract and can explain it to you.
I will outline a couple things you need to keep in mind to include and study before you sign a contract, remember once you sign a contract it could be as I always heard (Katie Bar the Door) or your screwed. I have signed a few contracts in my day and let little things slip by usually being careless and the seller was unethical or just a down right a mean person and they exploited what I forgot to put in. One of many things you want to be clear on is the time frame of the closing, make sure you have financing lined up or predicate the contract on being able to secure financing, this means get a loan from a bank. In the past having a contract for land for sale in Alabama I would not predicate the contract on anything, title, financing, inspection and this would help negotiate a lower price for me but I have bought and sold hundreds of properties in my day I suggest you predicate your contract if you do not have a lot of buying experience on anything and everything that does not make the seller balk when reading.
In buying land for sale in Alabama you must be cautious of signing documents but in particular one as important as a buy sell agreement or sometimes called contract of the sale and purchase of Real Estate, this process if done wrong can cause years of misery and financial ruin if done in haste or by inexperience.
About the Author: In 2000 Chuck and his wife Lindey developed a website called Mississippi-Landsource.com. The website was launched for uniting the real estate market in Land For Sale In Mississippi. In 2009 more sites were launched as sister sites for other states like Land For Sale In Louisiana and Land For Sale In Alabama.
Source: isnare.com
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