Land properties are also a form of investment; it is a significant investment. Getting into real estate can be tricky, especially if you’re just new. But think of the brighter side; you can build your dream home, an apartment, a business, or a location to raise livestock that will pay off in the long term by owning a piece of land. Having land allows you the freedom to choose. If you’re a land buyer, make sure a lawyer notarizes the transaction and that you have copies of the contract of sale. After all, this is your money at stake, so don’t skimp on the documentation. There are a few legal documents you should be aware of in order to buy land and secure your hard-earned money.
Deed of Absolute Sale
After receiving the entire payment, a Deed of Absolute Sale will be prepared and filed with the Registry of Deeds before being delivered to you. This is a notarized document stating officially that you purchased the property from the seller and are now the owner.
Deed of Adjudication with Sale
The Deed of Adjudication with Sale declares that all surviving heirs have agreed to sell the land, protecting this contract from future disputes on the sale.
Certificate of Title
This is the best and most legitimate proof of land ownership. You will receive a copy of this from the Registry of Deeds. If you purchased a house or lot, you would receive a Transfer of Certificate of Title (if it was issued after the first title). Still, if you purchased a condominium unit, you will receive a Condominium Certificate of Title.
Tax Declaration
You must verify that the seller is current on property tax payments. After transferring the title to your name, you must request a Tax Declaration from your municipality’s Assessor’s office. Submit the property’s new title and a photograph. Once completed, you will be free of tax responsibilities.
Contract to Sell
Contract to Sell will act as a reserve agreement, with the seller agreeing to remove the property from the market. However, until the outstanding debt is settled, the seller retains possession of the property. If the buyer must make a down payment first and then pay the entire balance over time, a contract to sell is issued (depends on what they agreed on).
This is a written agreement between the property owner and the land buyer.
