Financing Options

FAQ

What properties qualify for owner financing?
All of our properties on our Listings page qualify for financing. The down payment amount varies based on the cash discounted price.

Do I qualify for owner financing?
Yes. Everyone has a unique financial situation that we are willing to work with. We will talk about the different options that we can take that will fit your budget and not make you stressed about the payments.

When do I get the Title?
When we finance land to buyers, we use a Land Installment Contract (you act as owner) but the deed will not be conveyed to the buyer until the final payment has been made on the loan.

Land Use Restrictions?
You may do whatever you want within the law and covenants or restrictions of the area (do your own due diligence). You may build on the property, 50% of property needs to be paid for, however whatever you build must comply to code (do your own due diligence). If we receive code enforcement complaints and or fines, we will forward them onto you. You will be expected to comply with the county’s request within the timeframe allotted by the county as written in the citation. If unable to comply within that time frame we reserve the right to treat it exactly like non-payment and issue a notice of default giving you a final 30 days to comply. So please comply with code enforcement and land use. We like happy, paying customers. We don’t like taking properties back, especially one where we need to clean off a bunch of unpermitted structures.

Loan Default?
In the event of default by Buyer, Seller may give written notice of such default to Buyer, and if said default is not corrected within five (5) days of such notice, the Seller shall give an additional notice thereof to Buyer that if such default has not been corrected and any delinquent payments (including reasonable expenses incurred by Seller as a result of the default) made current within thirty (30) days of this notice, the interests of Buyer in the Property shall be forfeited and Seller shall be entitled to immediate possession of the Property and may retain all monies paid by Buyer as liquidated damages, unless otherwise decreed by a court of competent jurisdiction.

What documents do we use for Financing? (Simple explanations, not intended for legal advice.)
1.) Installment Land Contract:
This agreement simply outlines the terms and conditions of the sale that you as buyer and Legacy Land LLC as seller mutually agreed upon. The main highlights of this contract are the purchase price, financing terms, receipt of your down payment, and our guarantee in writing. Without this agreement, there could be some misunderstanding of the terms we both agreed upon and we certainly know that the key to any good relationship is excellent communication without ambiguity.

2.) Promissory Note:
Basically, you promise to pay each month on time the specified monthly payment. There are no prepayment penalties. If you don’t pay on time we are going to charge you. If you continue to not pay on time we are going to charge you even more money. Don’t make any payments and we will send an email giving you 30 days to make payment before we terminate the contract and re-sell your land. Nevertheless, if you call us or email us and let us know what is going on, we certainly can try to help you out.

3.) ACH Authorization Form:
We charge $12/month for the privilege of managing your note. There will be a prorated monthly tax fee based on the annual assessed value of the land. To keep our prices low, we are only going to accept automatic payments. You must subscribe to automatic payments through ACH (automated clearing house) – an ACH transfer is a payment method for transferring funds from one bank account to another. We work with Actum Processing, who operates as a third party sender of ACH transactions – they have offered secure and reliable ACH payment processing solutions since 2011.

“Beautiful land and happy landowners guaranteed.” – Legacy Land


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