Investing in Florida Hunting Land With Partners
A common strategy for purchasing hunting land for sale in Florida is through partnership agreements. This is when two or more land investors decide to pool their resources and use them to invest in hunting land. One of the main benefits of purchasing Florida hunting land with partners is that the partnership allows all parties to combine their resources to purchase a larger amount of land together. This makes it more affordable to buy larger tracts of hunting land that the individual investors would not be able to purchase on their own.
Steps to Purchase Hunting Land With a Partner
Make sure everyone is on the same page. Prior to entering a partnership agreement to purchase Florida hunting land for sale, you will want to determine how the property will be purchased and the short-term and long-term goals for the property. It is important for all parties to understand these important items before purchase to avoid future potential issues. All parties should understand that each party has ownership to the entire property, and that there are no boundary lines.
Find your property. Once all parties are in agreement, the next step would be to search for viable hunting land options. To ensure that the best land investment choice is made, it is recommended to seek the help of a professional who is experienced with Florida hunting lands. At SVN Saunders Real Estate, our agents are highly experienced with Florida hunting land. As avid hunters ourselves, we understand the necessity for high quality hunting land and will work diligently to find the perfect property for your hunting needs.
Write a purchase contract. It is important to have all partners listed as the buyers on the purchase contract. The contract should also include other details such as the property location, purchase price, and name of current owner, which can all be found on the current property deed.
Select your deed. Select the type of deed that the partners have agreed upon. Typically, a joint tenant in common deed is chosen for partnership agreements when buying hunting land for sale in Florida. This type of deed will allow a partner to pass on their share of ownership to a family member in the event of the owner’s death.
Determine financing. If the purchase of the property is not paid in cash, you and your partners will need to obtain financing. The stronger the credit scores of everyone who is involved in the agreement, the easier it will be to qualify for a loan with a lower interest rate. However, lender’s requirements may vary form bank to bank.
Survey the property. Prior to closing, it is important to have the property surveyed. A survey will help identify the property corners and boundaries, and will also find any discrepancies with what is described in the deed and what is really on the property.