Owner Finance Process

Acquiring land isn’t free, but it doesn’t have to break the bank. And, it doesn't have to be stressful either.

Financing Land Online - Why You Should and How it Works

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Acquiring land isn’t free, but it doesn’t have to break the bank. And, it doesn't have to be stressful either. Landilla is dedicated to making the sales process streamlined and secure for you, so you can rest easy knowing you're making a sound decision.

We make sure to:

  • Only work with established and trusted payment processors
  • Deliver property ownership through warranty deeds
  • Allow you time to visit the property location, if you’d like, and
  • Have clear lines of communication throughout the entire process.

Once you choose a vacant lot, make a down payment, and sign the documents, you’re ready to start putting your land to good use! It’s so simple. We’ve already helped hundreds of people do just that over the years. We want to help you do it, too.

However, during any step of the process, you might have questions or concerns about what it means to make an owner finance purchase. That’s why this article was created – to help you understand financing through Landilla.

The Basic Run-Through:

There are 3, simple steps to becoming a land-owner when making an owner financed purchase through Landilla. They are:
Checkout Online

Click on the property you want, read through the details, and check out. You’ve now made your down payment on the property!

Review and Sign Your Closing Packet

This packet contains the sale terms and contract. Once signed, this is your proof of ownership.

Enjoy Your Property While Making Payments

The land is yours, but you’re still making payments on the loan. Once your loan is paid off, the title will be transferred to you with no effort on your part!

Those are the 3, simple steps. If you’d like to dig deeper into the details of each step, keep reading. Or, if you’d like to learn about making a cash purchase, you can click here. No matter which way you choose to go, the purchase and title transfer processes are fairly similar.

Step 1: Checkout Online

Once you’ve found a property that you want to purchase, click the ‘Start Here’ button in the Owner Finance box on the listing page. You will be taken to the property’s page with property and payment details laid out for you.

Unlike many of our competitors, we guarantee:

  • No hidden fees in our prices
  • No interest charged on the loan
  • No credit checks, and
  • No prepayment fee

Quick notes on the guarantee, above:
If there are any taxes owed or POA fees, we will keep those paid and up to date until the property title is legally under your name.
We only include a monthly service fee for the Note in your monthly payments, however, that is mentioned in the pricing on the property page and in your contract.

Click ‘Next →’ to get to the checkout page. Here, you’ll fill in your billing and mailing information, and form of payment. Landilla uses Stripe, a secure, world-class payment processor, for online payments.

Click ‘Get Your Property’ and your down payment is complete.

Step 2: Review and Sign Your Closing Packet

Within 3 business days of placing a down payment, you’ll receive an email with an 18-page closing packet. If requested, we’re also able to send the agreement through the mail rather than email.

There are four parts in the packet to review:

Part 1 – Purchase and Sale Agreement

  • The key terms for this agreement are:
    • Property description and Purchase price
    • Responsibility for financing the remaining payment
    • Closing date and costs, and
    • Title transfer through a warranty deed

Part 2 – Promissory Note

  • This document is your promise to make loan payments on time, each month. It also explains what the penalties are for late payments and that there is no prepayment penalty.

Part 3 – Land Sale Contract

  • This legal document explains what will happen if you do not make payments on the loan or you fail to comply with federal, state, or local laws.

Part 4 – Recurring Payment Form

  • You will enter the details of your banking information on this document so we can initialize your loan through GeekPay.
    • GeekPay is a trusted, user-friendly loan service that we’ve partnered with to give you full, online access to your loan payments and details.

Signing Your Closing Packet

If all of the information in your closing packet looks correct, sign each of the documents and fill in the Recurring Payment Form. If you have any questions before signing, please don’t hesitate to email or call us.

You can sign the document by:

  1. Electronic signature
    Electronic signatures will automatically be captured and a fully-executed copy of the document will be emailed to all signers – you, a co-signer, if there is one, and Landilla.
  2. Printing the document and physically signing
    Signatures on paper documents will need to be scanned and emailed or sent through a mail service back to us.

Step 3: Enjoy Your Property While Making Monthly Payments

Now, the real fun begins! You can start designing your dream home, vacation home, or whatever else you have in mind for your property.

As far as the remaining payments go, we’ll initialize your loan through GeekPay. GeekPay will email you instructions on how to access your account, and verify the loan details. As part of this loan, you’ll be enrolled in automatic, monthly payments.

With GeekPay, you’ll be able to:

  • Access your account 24/7
  • Make adjustments to your account
  • Pay off the loan early with no prepayment penalty

If for any reason, you need to make a one-time payment, we do have that option available. Just head to our website, and click ‘Pay’ from the top menu. You can also click here.

*Fun Fact: If you pay off your loan early, you qualify for a discount on the overall price. The earlier you pay off the loan, the bigger the discount!

Title Transfer

Once your loan is paid in full, the property will be transferred from Landilla to you. You will first have the opportunity to confirm whose name(s) should go on the deed and how you will take the title (tenants in common, in the name of a company, etc.)

We will then submit, digitally, or through the mail, a notarized Warranty Deed and any other required paperwork to the county your property is located in. We pay all fees associated with this process as well as any outstanding taxes and/or POA fees up to this point.

The timeframes for digital and mail submission are as follows:

Digitally – This can take as little as 24 hours.

  • We use Simplifile, a reputable recording company who works with over 2,000 counties, to file digitally.
  • You can see if your county is included by clicking here, scrolling down, and then clicking on the state where your property is located.

Through the Mail – This process can take 2-4 weeks.

  • When we cannot submit digitally, we send paperwork through the mail.

When the deed comes back to us from the county, we will then send you a copy as well. And, once the property is under your name, the county will start communicating directly with you. You do not need to visit a notary for any of this, and can enjoy the entire process from the comfort of your couch.

Congratulations - You Own Property!

That’s all it takes to make an owner finance purchase through Landilla.

With very little effort, you can be the proud owner of some awesome land. Best of all, you can feel at ease knowing that if you ever have any questions or concerns, we're U.S.-based, and just a phone call or email away.

Have You Picked Your Property?

If you’ve already placed a downpayment on a vacant lot, then you now know what to expect until that deed is in your hand! But, if you haven’t picked your property and put money down to reserve it yet, you should go do that, pronto! We work on a first-come, first-served basis. Go find your dream property now, before someone else scoops it up!

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