It happened to us and we want to save you the expensive headache!
Did you know the sales price on a land contract can be adjusted by the acreage found on a new survey and it’s fair to both the buyer and the seller to do so? In this post, we’ll explain and show you exactly where the box is found on the Texas Real Estate Commission and Texas Association of Realtors Unimproved Property contracts.
When it comes to the sales price on the contract being adjusted by the acreage found on a new survey, it’s very important that you don’t forget to check this box on a land contract because it could end up costing you tens of thousands of dollars. Unfortunately, we found this out the hard way on one of our first land deals. I didn’t check that box because I thought the seller would have an issue with it. Lo and behold, we got a new survey and it found that there was actually less acreage than what was stated in the appraisal district website. And if you think about it, it really isn’t unfair to either the seller or the buyer to check this box.
EXAMPLE: If you’re buying 100 acres and a new survey finds that it’s actually 105 acres well then you would adjust the sales price accordingly. Conversely, if it finds that it’s 95 acres then it’s fair to you as the buyer to adjust the sales price down.
Many times landowners will not have a survey for their property and a title company is going to require a new survey if they are going to offer title insurance on the property. So don’t forget to check this box. On the Texas Real Estate Commission contract it is found under section 3.D. and on the Texas Association of Realtors Unimproved Property contract it is found under section 3.B.
Feel free to reach out to us with questions or other topics you’d like to see covered.
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