Answers to Frequently Asked Questions About Our Company and Service
What is Landmark Properties, LLC?
Landmark Properties, LLC is a real estate holding company. We purchase raw land and various other types of real estate across the State of Michigan and find new owners for these properties. All of the properties start at EXTREMELY LOW PRICES. If you would like to show interest in a particular property was have for sale, do so immediately. These properties are typically sold in a matter of weeks, if not days. Seller Financing will be offered on most of our properties with no qualifying. Of the properties sold on our website, 10% of the purchase price will be required as a down payment, paid in cash, immediately following the sale of each property.
Should I Visit the Property Before Buying?
YES, we strongly recommend that you inspect the property before buying. You should also check with the county on the zoning and approved uses of the property. Particularly, the County Planning and Zoning Department will also be able to tell you about the current and future development plans for the area. While we will do our best to tell you everything we know about each property, nothing replaces the value of doing your own research and due diligence.
Who owns the properties being sold on the Landmark Properties, LLC website?
All properties sold through this website are owned (FREE AND CLEAR) by Landmark Properties, LLC and other approved sellers, all of whom are available to answer questions about their properties. Landmark Properties, LLC is not a real estate brokerage, but the marketplace and brand name through which these properties are being sold.
How do the sellers acquire their properties?
Unlike other land sellers, the sellers featured on this website only purchase properties from private parties and DO NOT engage in purchasing through tax sales or foreclosure sales. The majority of these properties are bought with Warranty Deeds (as opposed to Quit Claim Deeds or Tax Deeds, which are often hard to get title insurance for). Once purchased, it is their goal to pass these bargains along to the buyer.
Are the mineral rights guaranteed for the properties?
Sellers make no guarantees concerning mineral rights or the lack thereof. If the Seller is aware of the lack of mineral rights, disclosure will be made in the disclosure statement of each of the properties. However, buyers should do their own research to find out if the property has mineral rights.
Has each property passed a perc test?
A percolation test (or ‘perc’) test evaluates the absorption rate of soil for a septic drain field. We do not perform any soil tests / evaluations such as these or make any determinations for suitability of wells, septic systems, etc. It is the buyer's responsibility to research these items prior to purchasing the property.
Does each property have access to utilities?
Unless indicated in the description, it should be assumed that all properties are rural and do not have utilities.
Have these properties been surveyed?
We do not typically order surveys on the properties we purchase. Instead, we refer to the county's GIS mapping system, which tends to be reasonably accurate, but is not a guarantee of exactly where the property lines lay on the landscape. If you would like absolute certainty about where a property is located, you are free have your property surveyed. However, please understand that the seller will not responsible for the costs of surveying a property.
What is the zoning on each property?
We provide some basic zoning information in the property listing, but we strongly encourage all buyers to do their own research and contact the county where the property is located (typically the planning & zoning or planning & development department) prior to purchasing to determine what activities are allowed or prohibited on the property.
Can I park a trailer or RV on the property?
Every county has different rules and regulations when it comes to zoning and use restrictions. Please call the county, city or township zoning and planning department to verify what is permitted and restricted on the parcel, along with any applicable time limits or if any licenses or permits are required.
Are there any liens on the properties?
Every property listed on this website is either owned directly by our company or by an approved seller in our network. Every seller (including Landmark Properties, LLC) has completed their due diligence when purchasing these properties, and we recommend that you do the same. Landmark Properties, LLC makes no guarantees as to the title of the property. As with any real estate purchase, it is important every buyer do their own research before completing the transaction. We recommend that our buyers obtain a title insurance policy or at least conduct a title search on the property before finalizing the deal.
What fees do you charge in addition to the purchase price?
There is a one time non-refundable document processing fee of $199.00 for each property purchased over $1,000. For properties purchased at $999 or less, the document processing fee is $99. This fee covers the preparation of the deed, property transfer affidavit and all document recording fees at the Country level. For properties purchased on land contract, there is a monthly loan servicing fee of $15.00 included as part of the monthly payment.
If I choose to purchase a property, at what point is the property considered “sold” to me?
There are a few processes that must be completed before a property is considered “sold”: 1. Landmark Properties, LLC must be in receipt of the total purchase price OR a signed land contract along with the initial down payment for the property. 2. Landmark Properties, LLC must be in receipt of a completed Purchase Agreement along with a signed initialed Purchaser Disclosure Acknowledgment. If you would like to purchase one of our properties, simply call or email our office. We will walk you through this process and assist you in getting the above steps completed.
What form of payment do you accept for the initial down payment and the monthly payments?
For land contract purchases, the initial down payment must be made in the form of Cash, Cashier’s Checks or Money Orders. The subsequent monthly installment payments can be made using personal checks or any of the previously stated forms of payments.
What form of payment do you accept if I pay for the property in full?
For cash sales, we will accept Cash, Cashier’s Checks, Money Orders or Paypal. Once the funds have cleared with our bank we will then issue a Quit Claim Deed for the property within 30 business days.
Can I make a larger down payment?
Yes, making a larger down payment amount is acceptable and encouraged. Just let us know what amount (minimum 10%) you’d like to put down and we will accommodate the contract for this. Of course you can also make additional monthly payments on the principal of the loan without incurring any pre-payment fees or penalties. If the dollar amount for the down payment is larger than what is required, the principal balance of the loan will be reduced. The length and monthly payment amount will stay the same.
Is there any penalty for paying off a property early?
No. You can payoff your property at any time with no pre-payment penalty whatsoever. Just call our office and we will let you know your payoff amount.
What kind of contract will I be signing when purchasing a property?
When purchasing a property outright, you will be required to sign Purchase Agreement which lays out all the terms of the transaction. When purchasing a property with Seller Financing, you will be required to sign a Land Contract, which lays out all the terms of the transaction including the sale price, down payment, monthly payments, interest rate, cost of loan, and all the details common in such a document. The Buyer will also be required to sign a Purchaser Disclosure Acknowledgment and a Property Transfer Affidavit. Once these documents have been signed, we will send in the deed for recording and the transaction will be complete.
What are the benefits of purchasing a property with Seller Financing?
Seller Financing may be advantageous for: - Buyers who are short on cash and cannot come up with the full purchase price - Buyers who would rather use their cash for other immediate obligations - Buyers who have a lower credit score and cannot obtain financing elsewhere - Buyers who would prefer making one monthly payment (as opposed to paying property taxes, POA dues, property insurance, etc)
What kind of deed will I receive for the property?
Once a property purchased through the Landmark Properties, LLC is paid off, transfer of title occurs exclusively using a Special Warranty Deed.
When do I get the deed to my property?
Once you pay for a property in full, your title to the property will be conveyed via Special Warranty Deed within thirty (30) business days. If a loan was paid off, the Loan Servicing agency will inform the seller of such pay-off. In case of a cash sale, loan servicing agency will inform the seller that a cash sale has occurred. In both cases, the seller commits to signing all paperwork necessary to transfer ownership and deliver the deed to the recorder/clerk of the county the property is located. In addition you will receive copies of the notarized deed via mail so you can have proof that the seller has issued the deed to you. After the recording of the original deed is completed, the county recorder/clerk will then return it directly to you. Depending on the County it may take 4-14 weeks (depending on the county) for the county recorder/clerk to mail the recorded deed back to you.
Who do I contact if I have questions about a specific property?
If your questions cannot be answered through the property details on the listing page, please don’t hesitate to call our office at 616-365-5774.
How long can I finance the property?
The length of the loan (time to pay-off) depends on the purchase price. If the sale price is: