How to Own
Well, it's ez!
Picking your land has never been easier, because we've eliminated the guessing game. What you see in every property ad, is what you get, because the pictures you are viewing are of the actual property.
Then, you can buy your property with confidence - either for cash, or you can take advantage of ezFinancing. ezOwnLand (the Seller) will finance the land for you very simply, and with no hidden costs or surprises.
Here's how it works:
Contract for Deed
Our ezFinance Program utilizes Land Contracts, also called Contracts for Deed. They are an inexpensive hassle-free way to purchase investment properties. We do not need to run your credit or demand pay stubs or proof of employment history. You simply provide us with your contact information and the down payment, and we will generate your paperwork within 24 business hours. We ship it to you the same day via Priority Mail, no charge. In that package we also send you photos of your new property, satellite imagery, maps, and more.
The paperwork needs to be signed by everyone who will be on title, or if purchased by a business, at least one principal of the company. We provide a prepaid Priority envelope for you to return the signed document. Once received, your contract is executed, and a final copy is returned to you for your records. At that point you have equitable title to your investment property, just like in a home mortgage.
We keep the monthly payments a low as possible for every property we sell, making it as ez as possible for you to own and invest in land. The purchase price is amortized at 8% APR and behaves just like a home mortgage. There are absolutely no hidden fees or extra costs associated with the purchase.
You may (and many of our customers do) make more than the minimum monthly payment. Every dollar you invest above the monthly amount due is automatically applied to principal which, of course, shortens the length of term. Also, at any time you may pay off the remaining balance without prepayment penalties.
Your property package will include various options for you to choose from to make your monthly payments. There is a coupon booklet if you prefer to send a check or money order by mail each month. There are simple forms you may send back if you would like to have your payment withdrawn from your account automatically each month (like a gym membership), or if you would like a credit or debit card billed automatically.
Mortgage and lending companies normally set up Impound Accounts to collect your taxes up front. We do not. With the ezFinance Program, we pay your taxes for you, then send you an invoice. This ensures that every property remains free from liens. It also allows us to take advantage of any available early payment discounts while avoiding late penalties. All these savings we pass on you. Most property taxes are very low because the land is unimproved (vacant) and billed once annually. Although they can go up each year, County increases on vacant are slight if at all. We always post the most recent annual tax amount for each property in the Property Specification section.
Association & Utility Fees
There are no association fees for any property held or sold by ezOwnLand. Some properties have annual utility fees. Currently only select lots in Otero County, New Mexico, have water standby fees, which are approximately $60 per year. This is a fee for properties which can utilize the public water lines that have been run through their street, and avoid the need to drop a well. We currently have no other properties with utility fees. This website will be updated if that changes as we gather inventory across the Southwestern United States. Additionally, this information will always be listed in the Property Specifications if applicable.
Hidden Costs or Fees
There are none. There are no points, no closing costs, no shipping fees, or other hidden costs, period. There is a down payment, and a monthly payment listed for each property. That is all you pay until the property is paid in full, except of course, your property taxes as mentioned above. When the property has been paid off we provide all the necessary documents to record the final Warranty Deed. We do not charge a fee for these services. You are only required to pay the respective County for their transfer and recording fees, which are normally very minimal - between $15 and $55 in most cases.
Permits and Insurance
During the term of the contract, no improvements may be made to the property without written approval from the seller. Once received, all improvements to the property must then be made in accordance with local and/or State laws, where applicable, and lawfully permitted. In the event the buyer elects to make any improvements to property before the property has been paid in full, and has received written approval from the seller, liability insurance must be acquired by the buyer in the minimum amount of $500,000.00 coverage naming the seller as an additional insured. This policy will need to be kept current during the life of the contract.