Buying and Selling Vacant Land in Los Angeles has many challenges...

Buying and Selling Vacant Land in Los Angeles has many challenges…

Most buyers and seller of vacant land are under the mistaken impression, that the hard part was the negotiating of the Purchase Agreement i.e.: The Sales Price, length of investigation period and length of closing period. The reality is that was just the beginning and that was the easy part.

The bigger challenges just started i.e.: the moment there was agreement.

The process of buying and selling of vacant land in Los Angeles and vicinity has many challenges.  Just to mention one of these challenges:  The Title companies have tightened up their procedures of Insuring Vacant Land. If a property has been purchased in a Foreclosure or at a Tax Sale, now most Title Companies will not insure the vacant land. So, finding the “needle in the haystack” from the various Title Co. is step one (i.e.: the one Title Co. who is willing to insure the property). 

The next step is, once you found a Title Co who is willing to insure the vacant land, more than likely they will require a Title Binder or a Company who will be able to do a Tax Title Service without a Quiet Title Action. This of course translates to additional costs for the sellers and a delay in the closing to both buyers and sellers.

So, for those buyers and sellers who are first exposed to this news, it can become a real eye opener. Hence, it is very important to have a good Listing Agent and a good Escrow Officer who can help navigate, both buyers and sellers through these issues. It will require more than the normal patience, that buyer’s agents are often accustomed to in the representation of their buyers in the purchase of Single Family Homes in Los Angeles.

In my experience, most of the buyer’s agents appreciate the challenges that the listing agent and the Escrow Officer are in the process of overcoming, i.e.: Problem Solving can be challenging, to close the vacant land transaction and provide the Buyer a Clear Title at the time of closing.

There should be trust, patience and most importantly good communication between all the parties for the closing to take place.

Now if you are looking for a Full-Service Realtor who specializes in closing Vacant Land in the Greater Los Angeles area, please reach out to me directly.

If you are considering buying or selling a home, a luxury home, luxury investment real estate, luxury vacation homes, or luxury beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Marina Del Rey, Venice or Malibu, feel free to contact me at 310.486.1002 (m) or homes@endrebarath.com or visit one of my websites at  http://www.endrebarath.com.  I am a Pet Friendly Realtor and I contribute a portion of my commission to local animal rescue organizations.