Purchasing or selling real estate is a major financial transaction for everyone involved. If the piece of real estate is a type you have never purchased or sold before, such as a ranch, it is best to know what to expect to decrease the chance of complications.
Overall, buying or selling a ranch in Texas is like other types of real estate transactions. However, since a ranch is such a large property, the financial risk is usually higher than if you were purchasing or selling a standard piece of real estate.
The closing is the last piece of a real estate transaction. The purpose of a closing is to verify that all preliminary matters have been completed and everyone has fulfilled their obligations under the real estate contract so that ownership can be officially transferred from the seller to the buyer.
Here are some tips that can help your closing day go smoothly.
Have documents ready
Make sure you have all documents you need well in advance of the closing day. You do not want to wait until the day before closing to start gathering documents and realize one is missing. It could take days or weeks to locate the document or obtain a replacement copy, meaning your closing date would need to be pushed out.
Keep your documents organized throughout the process, for the same reason as above. You do not want to be scrambling around right before closing trying to find one remaining piece of paperwork necessary to close on the sale.
Like any real estate transaction, purchasing or selling a ranch involves a lot of paperwork. Keep documents in a safe, secure place, organize them a way that makes sense to you, such as by category (inspection, financing, etc.) and double check to make sure you have completed all steps necessary for each piece.
Communication is key
Keep communication lines open throughout the entire process. Update everyone if the situation changes. A change could result in a modification of the transaction terms. The sooner everyone knows about any changes, the quicker any modifications can be completed.
If you are the buyer, be ready to pay. If you become unable to pay the amount owed on closing, notify everyone as soon as you can. You could potentially negotiate a solution that allows closing to still take place as planned.
Do not underestimate the importance of an inspection. The inspection process may be longer and more complex with a ranch purchase because there is so much more property to inspect. Start the process early and have one final inspection done before closing.
Be open to advice and guidance
One of the biggest reasons people purchase a Texas ranch is to enjoy the peacefulness that often comes with living in a rural area and having a large portion of land that is all your own.
Taking these steps and following the advice of professionals you work with through the process, such as real estate agents or attorneys, can help you make good choices and prevent holdups that could delay or derail the transaction.