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What if you buy land for sale in Texas, or at least you think you are and the seller backs out at the time of closing? Or you decide to back out at closing. Who pays for what? Since this kind of thing happens often in land deals, you need to know if you are protected if the loan doesn’t close.
It can happen for a variety of reasons, but if you are in the process of purchasing Texas land for sale and it doesn’t happen, who pays? It might be that the seller decides at the last minute not to sell because they realize they can’t live without the land. The buyer may have gotten turned down at the last minute just at closing. Something just didn’t go right for somebody, and either the buyer or the seller backed out. Now what? Believe it or not, stranger things happen everyday than a land deal that does not close. A client of a friend of mine was traveling to New Orleans to a loan closing and was killed in a car wreck. Now that’s terrible, but exactly how will this fallout be cleaned up?
In your Texas land for sale contract, the first thing you should do is hope your contract was filled out properly and that your terms of your contract were negotiated strongly. In other words, usually the buyer pays for standard things and the seller pays for certain things. In retrospect, nothing is ever definite and all is open for negotiation. If, for example the buyer of the Texas hunting land for sale has been on the market for a while, the seller could be willing to step up and pay most, if not all of the closing costs just to unload the property and this would include attorney’s fees, survey, and possibly mineral search. Just remember, if you don’t ever ask, you’ll never know. It could actually happen in your favor. One of the more expensive things in a closing is the survey. If it’s a small piece of land it could cost around $250 and if the tract of land is 40 acres or more it could cost thousands. The buyer usually pays for the survey so he can know where his property lines are and that all corners have been marked. Unless there is a lot of profit for the seller, he usually would not want to pay for this survey. If you are dealing from the strong side, you are willing to really negotiate and would walk away for the land deal if seller won’t pay.
In closing, my advice if you are buying Texas land for sale is to negotiate closing terms. Just ask for everything to be paid by the seller knowing you can settle for a lot less and still come out ahead of the game. Especially ask if the land is a little pricy. If you don’t get what you want, just walk away. There is plenty of land for sale in Texas out there.
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