Trying to buy land?

Question

We are trying to buy some land thru a realtor The owner of the property excepted are proposal but instead of 30 days to get everything done he only wants to give us 14 days is this legal Alot to do in 14 days Dont know if it will happen I also found out he has another offer. Can anyone help with this question

Answer 1

It's perfectly legal. He is the seller of the property and if you want to purchase the land you will need to close when he dictates, otherwise find another property. With that being said, what state are you in? In Texas (where I'm located) a typical closing is 30 days, but the seller may dictate that you receive financing approval within 14 days of contract execution. Which means you must be underwriting approved within 14 days, but may not close for 30 days. This is done because as per a Texas Real Estate contract you may cancel the contract and have your escrow money returned to you for declination of financing up until the 14 day cutoff. If you are declined after the 14 days then you will most likely lose your earnest money. This keeps the seller from taking his property of the market for an extended period of time and then having the buyer walk away from the transaction. Now I don't know what type of land your are purchasing or what state you are in, but typically a purchase of raw land should not take more than 14 days.

Answer 2

In most states, your offer to purchase includes the various time limits and deadlines for you to 'get everything done'. Dates of closing, time frames for conducting any inspections you desire, obtaining financing, and so on, should all have been included in your offer to purchase. Check your original offer which was accepted. If there are no stipulations included therein, I would sadly have to say that your seller is in the driver's seat.

Answer 3

the timing is based on the owner trying to see if you are a "serious" buyer