Indiana, or the Hoosier State, offers rural properties and land that is easy to access from major towns and cities in the state. Whether you wish to use the land for agricultural purposes, for commercial development, or for investment, you’ll find a solid investment in Indiana real estate.
Indiana Land Purchase Process
When you are buying land in Indiana, you will have to go through the same process as you would with any other real estate purchase. Basically, here is how it works:
- You select a piece of land. This can be done through searching online, talking to a real estate agent, or meeting with a private landowner.
- You make an offer for the land. You can make an initial offer after researching the current market value of the real estate. You can either offer to pay the asking price or make a lower offer on the Indiana land for sale you find featured online.
- You will then go through the contract process. This is where the two parties will come to an agreement on the terms of the purchase and sign a contract.
- You will make an initial down payment. This will be followed by a series of monthly payments until the full amount is paid off.
- You will officially close the sale. This is when the deed is transferred to you and you officially become the owner of the real estate. During this part of the transaction, you’ll sign the deed, which delivers ownership and title of the property to the buyer. You will also sign a new mortgage, paying the old loan off.
An escrow service protects the buyer and seller involved in a land contract. The seller of the land contract or a private lender collects the interest and manages the transaction. The escrow service transfers the buyer’s deposit for the land purchase payment after the paperwork is signed.
This process gives the buyer and seller assurance that everything stays on track. When the payments equal the sales price of the contract, the seller gives the escrow agent the permission to transfer the land to the purchaser. The transfer happens when the parties sign the grant deed at the closing.
Research the History
Knowing the above information will provide you the needed safety for transacting real estate business in Indiana or any other state in the U.S. Research the history of the property and make sure the title is free of liens. While a property may be appealing, you still have to look at the practical aspects of owning the real estate.
Investing in land in Indiana can be a major boon for your real estate portfolio. Find out more about how you can use the land to build a dream home, buy land for farming, or develop commercial real estate. Understanding what’s involved in the process can help you take the first steps toward realizing your goals of owning Indiana real estate.
Brandon Mickens has been involved with buying and selling land for the past 15 years and now wants to share his knowledge and experience with others.