This post may contain affiliate links. As an Amazon Associate I earn from qualifying purchases. Front Porch Homestead is a participant in the Amazon Services LLC Associates Program, as well as other affiliate programs, designed to provide a means for us to earn fees by linking to Amazon and affiliated sites at no extra cost to you.
A brief introduction to how this whole thing got started.
We bought 12.5 acres in a growing town in South Carolina about 30min south of Charlotte, North Carolina. Looking to move back to the South Charlotte area we had started looking and every home that was available was similar to what we were currently living in. A small neighborhood with about 200 homes, all built rather quickly and as cheap as possible.
The Dream
We had been married just a few years and had discussed what we wanted in a future home. We were both on the same page where we wanted about 5 or so acres to have some distance between us and our neighbors but also space for our future children to be able to play in a relatively safe place.
Out of curiosity and with really low interest rates we started searching for land that was available in the area we were looking.
South Carolina Land
We found plenty of lots available…but the price didn’t make sense for a lot of them. Then we found a lot that had been on the market for almost a year. We discussed it, prayed about it, did some dreaming, and decided we’d reach out to our friend in real estate.
The words you never want to hear in real estate when reaching out about a lot or home you fell in love with is “Under Contract.” The saying is true, move fast if you’ve found what you think to be the perfect home or lot for you.
While we were thinking that it wasn’t meant to be for this lot, we got a call. The deal that was under contract fell through. Decision time! Do we want to make an offer or wait?
After a short negotiation we had agreed on a price and the purchase process was in motion.
Buying Process
The closing process for land is similar to that of a house. An appraisal is requested by the bank(we financed), there is a due diligence process by the buyers(us), and then the actual close. You can perform an inspection but this rare in the land buying process but typically done during the due diligence portion.
We needed a long due diligence process so we had to agree on a payment where that if we decided not to buy the lot the sellers would get to keep the due diligence money as compensation for the lot being off the market for a long time period.
Our only main concern was if our land would perk. This means we either wanted a septic systems and a well so we needed to make sure the land was suitable for this near where the house was being built. We weren’t worried as the lot was surrounded by homes but wanted to confirm.
We also ordered a survey of the land to make sure the lot was indeed the 12.5 acres we were buying. It came back all clear and now we had a new survey of the lot so if we ran into any issues where the property line comes into question we can back it up with our survey.
Closing
Our due diligence process was complete, we decided to move forward with the purchase. This part is pretty similar to closing on a house. The title company is involved and the bank requests tons of documents asking for proof that you have the money you say you do and that you can repay the loan you’re taking out. A closing date is set, you sign the papers and you get the keys, I mean paperwork to your new property.
