Although the requirements and repayment terms of a land loan can be different than a traditional mortgage, the process of applying for one and receiving the funds is somewhat similar. A land loan lender will still usually ask applicants for documentation of their financial situation and run a credit check. While there are fewer institutions that extend land loans than other types of home financing, it’s still a good idea to shop around if you can to make sure you’re getting the best possible terms. Just like with a traditional mortgage, you’ll usually need to provide a down payment on a land loan, and then pay the balance back with interest over a pre-decided period of time. Also read this article about business trade finance to find out how to make your trades better and safer.
Oklahoma Land deals
Hi all ,Happy new year!
I’m asking for advice or insight on Oklahoma properties. Are there any special considerations to consider through title companies, regulations, laws. You just never know what you don’t know. For example I’m in the process to purchase a property in Texas with a seller who lives in Alaska. I was going to use an Alaska title company to facilitate the transfer. Easy , right. Well not so easy after all. Alaska has a law that won’t allow Alaska title companies to do title work for out of state transfers. I won’t go into the rest of the details because it’s long and boring, my questions refer to odd laws that vary state to state, specifically Oklahoma.
Thanks for your help, Andy
You will typically need to use a title company in county (or adjacent) where the property is located and as far as I know - almost always need to use a title company that does business in the state where the property is located = not -he state where the owner is located - if different.
As far Oklahoma goes, it is an abstract state - so if you self close a purchase there and end up using a title company on the sell side, expect the title company to want require the abstract (i.e. a historical compilation of all the deed / property records for the prperty to be read and updated) = more time and more money at closing.
Google abstract states / abstract closing etc.
Karl James I am looking at sending a mailer in Oklahoma (my home state), but after seeing this I am not sure. I googled what an abstract state was and it sounds terrible. Is it even legal to self-close in Oklahoma? I guess this would eliminate the ability to search for cheaper properties (less than $1,000) as the added cost of the abstract would eliminate most profits?