LandInvestors.com Forums **Ask A Question** How to get paid

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  • #22424

    Ben Crapo
    Participant
    Post count: 13

    Very basic, hopefully not stupid, question,

    I have my website, phone, mailbox, data, and list scrubbed and ready to go. I am going to send the mail as soon as I know this detail–How does it work with funds when we buy and sell land? When purchasing land, are you always doing a wire transfer, or could I do a cashier’s check and have the notary issue once the final documents are signed and received? For lack of a better way of asking, what are my options for paying for a property (using my own money)? On the flip-side, when selling a property, what are the rules for how I can accept payment–are there any methods I should be more wary of besides the obvious ones (i.e. payment by check)?

    I just want to make sure I am asking and giving payment correctly and not overlooking an easier way on either side of the process. Thanks again for the help!

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  • Kevin Farrell
    Moderator
    Post count: 1311
    ProAdvanced

    Ben – With a notary purchase I send a check for the full amount with the deed to be signed to the Notary. The notary is instructed to get the documents signed and then hand over the check. I have also described this process to the seller so they know what is going on. This works very well.

    When I sell property I request payment from the buyer and let them know that the deed will be prepared right away. I email a scanned copy of the signed deed so the buyer knows he owns the property and then I mail the original to the recorder. We take payments through Bill&Pay.com. It sends an invoice via email to the buyer who can pay by clicking on the Pay Now button. They use credit or debit card. In some cases the buyer wants to send a check. No problem. We wait for the check in the mail and then wait for it to clear, then I prep the deed, etc.

    Kevin

    Milan
    Participant
    Post count: 531

    Title company on buy and title company on sell side. I don’t do it any other way anymore.

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