Vacant Land Purchase And Sales Agreement: Fill & Download for Free

As a professional developer who has built over 2,000 homes I have never found a complete checklist. But here is the procedure I use.1. Check out zoning – Is your intended use permitted? Watch for setbacks, building heights and any other limitations2. Check out General Plan – Is the zoning consistent with the General Plan? I have seen lots zoned residential but with a general plan designation of park. You might have problems and it will cost more.3. Make friends with the Planning Department4. Inquire with Planning Department if there are any special districts or environmental overlays.5. If things look good, put the land under contract- In my world that would be a letter of intent with a good long due-diligence period, but in a residential setting it most likely will be in the form or a purchase and sale agreement, again with a good long due diligence period. (due diligence is the time for you to find out if there are any issues with title or other matters that could limit the usefulness of the land. You can withdraw from the contract if you find something.)6. If the department has a pre-development program, take advantage of that. At a pre-development meeting bring a drawing of what you’re planning and a description. It can be a hand drawing. A planner will sit down with you and discuss the proposed project. Tell him/her what you are thinking of doing. Let them tell you what they think but before you walk away make sure you have answers for the following:a. Have there been any prior applications, if so what happenedb. Is the property in a flood zonec. Are there any hillside or geological issues (don’t build on an earthquake fault)d. Are there any archaeological issuese. Are there any hazardous waste issuesf. Are there any biological/environmental issuesg. Noise, school, water, waste-water, storm water, unrecorded easementsh. BIG- What level of environmental review will be required?i. Negative Declaration: Minimal review and costii. Mitigated Negative Declaration, Delay and thousands to tens of thousandsiii. Focused Environmental Impact Report (EIR): 1 to 2 year delay and tens to hundred thousand plus.iv. Full EIR, 2-5 years and millions, RUN!i. How long will the permitting process take?j. What level of approval will be required: Planning director, Planning Commission, City Council or Board of Supervisors.7. Time to review the preliminary title report. Escrow will have been opened within days of your purchase agreement having been accepted. The title company will give you a preliminary title report. It contains all things of record that impact the property. These can be monetary liens (Property Taxes, Judgements, Deed of Trust (current owners loan(s)), other Tax liens: Physical easements right to put power lines over or under your land, right to dig wells, pipe line easements, water easements, the list can be pretty long and may even include some very old covenants like restrictions of sale to people of color, Hispanics, or Chinese; Prohibition. While these latter are not enforceable, the title company will disclose everything of record. If they don’t then they are liable for any loss in value for something not disclosed.8. Knock on doors. Yes I do this. Walk around and ask the neighbors about how they like the neighborhood. As about changes. Was there a gas station anywhere nearby? What about oil wells? What about other businesses. Laundromats, junk yard, old landfills, etc.9. Go to Google Earth, look at the lot over time. It’s one of the functions you can go back and see what was on the land. It’s called historical imagery. Some places seem to only go back to 1994 but there are images that go back to the 30’s. If you suspect any potentially toxic activity check out the images at the Fairchild collection. Available both at UCSB and Whittier College.10. If any potential issues with hydro carbon (oil), archaeological, environmental hire an expert to conduct a phase 1 investigation. You can extend the due diligence period if this becomes necessary.If this seems too much, there are planners who can help you navigate the issues. At the very least hire a good local architect. You will save more than his fee, every time.With all this in hand you can then make an informed decision about moving forward or not.

It depends on what you mean by a “traditional property sale” as compared to what you mean by “deed it over”, it depends on your ownership history with the property, and it depends on the relationship with your uncle, and it depends on whether it is vacant land or there is a house on the property. I will assume you mean the following definition for a “traditional property sale”:A formal purchase and sale agreement;Closing through a title agency; andConveyance via Warranty Deed with title insuranceI will assume you mean the following definition for “deed it over”: A deed is given to your uncle, by which you convey the property to him.As for your relationship with your uncle, I will assume nothing.If the property is vacant land and you are not charging your uncle much money, and your uncle trusts that there are no problems with the property, then the chances are that you could get away with just having a deed drafted to convey the property to your uncle. He gives you money, you hand over the deed.If the property has a house on it, if there is a substantial amount of money involved, then it may be better to be more formal. But it really just depends on the circumstances of your situation. Introduce a structure on the premises and there is much more chance for something to go wrong. The more chance there is that something could go wrong, the better off you are with a contract (i.e., purchase and sale agreement). The more complicated the history of the property, the better off your uncle is with a warranty deed (which means involving a title agency, and escrow, and which means having a contract).More than that cannot be said for the info known.

A title deed is a legal document constituting evidence of a right, especially to ownership of property.But before you receive a title deed, it is important to ensure you sign the below documents that have unique roles in the purchase process especially land.Letter of OfferA letter of offer is a single paged document that expresses intention by the buyer who wants to purchase a property and spells out the binding terms and conditions for both the seller and the buyer. Details contained include the name of the seller, buyer, lawyer overseeing the transaction, property identification number, the payment terms either cash or installment and a slot to fill in next of kin details. The buyer is required to sign this document in duplicate. One copy is retained by the seller and the other one belongs to the buyer. This is the first document a buyer signs after selecting a plot and paying the booking fee.Importance: A letter of offer eliminates the possibility of two parties buying the same piece of land.2. Sale agreementA sale agreement is a legal contract that obligates a buyer to buy and a seller to sell a product and in this case land.Contents of a sale agreementIdentity of the parties- The name as it appears on the identity card, ID/ Passport number and email addressIdentity and description of the property under sale- this includes the legal description of the land, the plot number, physical location and the condition of the property either vacant or occupiedThe purchase price of the property and payment of the purchase priceGeneral and special conditions- these are the conditions that surround the property on sale including who is supposed to pay stamp duty, legal fees and the completion period.Importance of a sale agreement: The sales agreement fully protects the rights and interests of the buyer and the seller because if one party fails to adhere to the contract the other party can take legal action to recover the damages caused. The sales agreement is filled in triplicate one for the vendor, one for the purchaser, one for the lawyer/ legal advisor overseeing the transaction.3. Title transfer documentThis is a document that is involved in transfer of a title deed from the name of the seller to the buyer’s name. This document is filled in when payment of a property is completed. A title transfer is attached with the below details before submission to the Lands Registry for the actual transfer.Approved consent for sale from the Lands Control Board.Stamp duty slip as a proof of paying government levies.Copies of ID number of the buyer and of two directors of the investment companyKRA Pin Certificate of the buyer and of the investment companyPassport photos of the buyer and of two directors of the investment companyCertificate of Incorporation of the investment companyThe title transfer document is filled in 3 copies; one copy is filed at the Land Registry, the second at the investment company and the third belongs to the buyer.Importance of a title transfer form- this document is the legal proof of transfer of the title and can be used when tracing the history of a property in the Lands Registry.In conclusion, every investor should have these three documents at the back of their minds to ensure the property they have purchased belongs to them legally. Ensure you request for these documents in your next land purchase, they will be availed to you by a Relationship Manager. If you are in diaspora an offer letter is sent to you via email address while a sales agreement and a title transfer form will be sent to you via your preferred courier service.For more information visit: Documents involved in land transfer and their importance | Username