How Do I Buy A Property From The Lot Store?
At The Lot Store, we believe in making land and home ownership simple. In order to purchase a property from us, the following easy steps will set you on your way to ownership:
- Choose a property you are interested in from our listings
- Click the blue “Purchase This Property” button on your chosen listing and complete the required information
- Our purchase contract and easy instructions will be delivered via Docusign
- You will need to sign the purchase agreement electronically and make your payment via debit or credit card on our website.
- If you purchased a property on a cash sale (paid in full), you will receive a receipt and fully executed purchase agreement via email. Your deed will be notarized and sent to the circuit clerk for recording the same day.
- If you purchased a property using our owner financing option, you will receive a receipt and fully executed purchase agreement via email. Your deed will be notarized and sent to the circuit clerk for recording the same day the property has been paid off. We do not have any prepayment penalties and you are welcome to pay the property off early, should you choose to do so.
Do You Take Deposits And Hold Property?
At The Lot Store, we believe in giving everyone the opportunity to own affordable property. We offer unbelievable deals and simple, no nonsense financing every day. Due to the fast pace at which our properties sell, deposits and/or holds are not offered. If you’re seriously interested in a particular property, we recommend you contact us as soon as possible to get the contract package finalized.
How Much Will The Monthly Payments Cost?
Every property is different and we offer various payment term options on each of our properties, depending on several factors. Please check the individual property listing page for specific terms and payments offered for that listing.
Do I Need Credit To Owner Finance A Property?
At The Lot Store, we believe everyone should be entitled to simple property ownership. We welcome people with bad or no credit and do not charge any closing costs whatsoever for purchasing a property. We do not require buyer qualification to purchase a property and once you have signed the contract and made your down payment, interest in the property beings. Per the terms of our financing agreement, you are welcome to full use and enjoyment of the property during the time you are making monthly payments. Once the balance has been paid in full, the deed will be notarized and sent to the circuit clerk for recording the same day
How Can I Receive More Information?
At The Lot Store, we’re always here to help. For questions and more information, please click the Contact link and send us an email. We pride ourselves on timely communication and welcome any questions or inquires you have. Alternatively, you can also reach us by phone at 866-574-1710.
How Do I Obtain Detailed Property Information?
Please check the property listing page for all information we have concerning the property. Potential buyers are encouraged to conduct any and all research prior to entering into an agreement to purchase a property from The Lot Store.
All properties are sold “As Is. Where Is.” The Lot Store, however, makes the following guarantees:
- You will be the sole owner (or owners if there are multiple buyers) of this property.
- You will be conveyed 100% of the ownership interest we hold in the property.
- There will be no delinquent back taxes on the property at the time of conveyance.
Information on DIY Properties
While the majority of our properties have an exact, detailed location, occasionally we do come across properties that require further deed research and/or a survey.
At The Lot Store, we are a high volume seller of real estate and while we would love to have the time available to research every property we sell, it’s simply not possible.
These properties are located in our DIY section and represent land that requires further research in order to determine the exact location and boundary lines.
If you’re looking to purchase properties for pennies on the dollar, while investing a bit of work into locating the property, this section is for you.
While we’re unable to cover every aspect of how to locate these properties, a brief explanation of what is involved is below.
Option #1 – Hire a local abstract company or deed research firm to located the county records needed to generate a legal description which can be used to order a survey for the property. This is the hands off approach and does not require any time on your part.
Option #2 – First, visit the assessors office at the courthouse in the county in which the property is located. The assessors office will have quite a bit of information in their property records, including prior property owners, a records of deed transfers, and in some cases, the exact location of the property. If further research is needed after visiting the assessors office, the next stop would be the circuit clerk’s office for deed research. The circuit clerk’s office has on file a record of all of the deed transfers and legal property descriptions going back to the sovereignty of the land. The process involves searching for and pulling the deeds for the prior owners until the legal description is found, which will be used to order a survey for the property.
What are you looking for in a legal description? Generally properties are described legally by either Lot and Block, or metes and bounds. Examples of each are below:
Lot and Block Properties – These properties have a plat map filed of record with the circuit clerk’s office are are simple to locate as you can visit their office and pull the plat map from their records. An example of this type of legal description is as follows:
Lot 1, Block 2, Edwards Addition
You would visit the circuit clerk’s office, pull the plat map for Edwards Addition, and find Lot 1, Block 2, on that map. In most all cases, these maps also include the dimensions of the property.
Metes and Bounds Legal Descriptions – These properties are described based upon a starting point and the direction and distances from that point. An example of a metes and bounds legal description is as follows:
Begin at the Southwest Corner of the Northwest Quarter of Section 34, Township 10S, Range 23W, and run due South for 100 feet for the Point of Beginning; thence run 50 feet west, 100 feet north, 50 feet east, and 100 feet south to the Point of Beginning.
Once you have located the legal description of the property, a surveyor uses that description to mark the corners, and if you desire, complete a full survey of the property.