The Process For Purchasing Land From Mile High Rural Land (What to Expect)
How To Buy
1. Once you decide you want to purchase a property, click on the property listing and click the button called “Purchase This Property” . You will typically then click the button “Seller Financing or Cash Payment”.
2. You will then be directed to the next step (our online process is subject to change). Typically a credit card payment form will pop up.
3. Once you have completed the payment form and the payment has been approved (usually a deposit amount and or document processing fee to hold the property), you will receive an automated email confirmation. Additionally an email will be sent to our customer service team who will follow up with you via email to finalize the purchase and gather additional information to complete your contracts and arrange closing.
4. Finding Properties and Property Showings: Since we are a wholesaler, to keep our prices as low as they are, we do not show properties. We always provide the GPS coordinates in our ads. If necessary we will add maps if we have them. Most properties are fairly easy to find using GPS. However in rare cases GPS will only get you close and there can be unmarked roads making locating some properties very difficult. In these cases we offer a guide service to show you to the property. How this works is we will provide you with the contact information of our photographer in the area. He will meet you at a a place easy to find and you can follow him to the property. This is not a free service. The guide will charge accordingly depending on time and required. However, if you buy the property MHRL will discount the cost up to $150 off of the price of the property.
5. Payment Options:
- Paying cash: You will be emailed a cash purchase agreement to sign and wire instructions. *Final payment can be made via wire transfer. We can also accept ACH if you choose or if you want to travel to Boulder Colorado, we can meet you in person and you may bring a cashier’s check.
- When paying cash you will receive the deed straight away. We can either mail it to you, hand it to you in person or record it for you at your request. If we record it for you the county will send you the original once its been recorded.
- Paying via Seller Financing: You will be emailed a Terms Package for signature and a link to set up your loan payments via our automatic ACH system. The Terms Package includes a Land Contract secured with a Promissory Note. The ACH system will automatically withdraw your payment every month. You will have complete control over this system during the course of your loan. You can make extra payments, download statements, etc. This system will also generate tax forms every year which will be sent to you.
6. Conveyance of Title:
- Cash Close: A Special Warranty Deed will be conveyed to the buyer at the time of final payment. If a General Warranty Deed is required, we can close via a title company where the buyer is responsible to pay for all closing costs and title insurance. This can take 2-4 weeks and we require pre-payment of title costs.
- Terms Close: If the property is financed by MHRL the deed will not be conveyed to the buyer until the final payment has been made on the loan. Generally, title insurance and a General Warranty Deed is not available with seller financing. The reason is because typically (depending on the state) in order for a title company to issue title insurance they require a Deed of Trust secured by a Promissory Note. Issuing a DOT requires that we convey the deed at closing. For larger, more expensive properties we sometimes do this. But for the less expensive properties it becomes too much of a liability and cost should the buyer default on the loan.
7. Taking Possession:
- You may take possession of your property immediately upon closing. If closed via seller financing, you can take possession as soon as your initial down payment/deposits are received and contracts signed and returned to us.
8. Use restrictions during the course of your loan (NA for cash sales)
- You may do whatever you want within the law and covenants or restrictions of the area (do your own due diligence). You my build on the property, however whatever you build must comply to code (do your own due diligence). If we receive code enforcement complaints and or fines, we will forward them onto you. You will be expected to comply with the county’s request within the timeframe allotted by the county as written in the citation. If unable to comply within that time frame we reserve the right to treat it exactly like non-payment and issue a notice of default giving you a final 30 days to comply. So please comply with code enforcement and land use. We like happy, paying customers. We don’t like taking properties back, especially one where we need to clean off a bunch of un permitted structures.
9. Loan Default:
- Our automated system will automatically send you email reminders for payments due. If loan payments become 60 days late we will send you a notice of default allowing your final 30 days to cure the delinquency. If you do not cure the delinquency and make the current month’s payment, the property becomes ours.
10. Repeat Customers:
- If you buy more property from us in the future you automatically qualify for a $250 discount.