In order to help avoid confusion we have put together a common list of land terms and their definition’s.
APN: Accessor’s Parcel Number. A unique number that is allocated to each parcel of land within the county by the Tax Assessor. The format of the APN number is defined by the county.
BLM: Bureau of Land Management. An agency within the U.S. Department of the Interior that manages close to 250 million acres of public use land.
Deed: A legally binding document that transfers the property title from one entity to another. Deeds are recorded/filed via the county assessor and/or courthouse.
Encumbrance: Defines any type of claim against a property.
Escrow: Funds or assets held by a third party on the behalf of two parties that are involved in a given transaction.
HOA/POA: Homeowner’s Association/Property Owner’s Association. A monthly or annual fee that is required if property is owned in a planned development.
Land Contract: A legally binding document that is utilized with seller financing. This document details the terms and conditions of the financing.
Notary: An individual authorized to serve as a witness in the signing of important documents.
Promissory Note: A written promise to pay a sum of money.
Purchase Sell Agreement: A document between a buyer and seller stating the final terms and conditions for a transaction.
Tax Lien: A legal claim against property used to secure the payment of the debt as it relates to delinquent taxes owed on the property.
Title: A document that demonstrates ownership of property. Owning a property in its entirety one should possess both the Deed and the Title.
Title Insurance: An optional form of insurance against the ownership of property. A Title Insurance company performs various searches in an attempt to identify and then remedy any ownership issues. The Title company then insures the property against any ownership issues that may arise in the future.
Zoning: Defines land use restrictions (if any) that are allowed to take place on the property. Zoning is defined by the county.
At APXN Property we accept various forms of payment. Here is a description of each.
Cash: We are happy to accommodate our cash buyers. Please contact us and we will work with you to arrange the specifics.
Credit/Debit Card: APXN Property uses a third-party payment gateway to accept credit and debit card payments. APXN Property is not in the business of providing secure payment gateways (this is a highly complex and regulated service) so we decided to let the experts handle the payment system for us. We use Stripe. Feel free to check them out. Through Stripe we are able to accept all major credit cards and debit cards.
Bank Transfer (ACH): Electronic Check transfers, also known as Bank Transfers are another payment option for the purchase of land at APXN Property. Similar to the credit card payment gateway, APXN Property uses the secure and trusted third-party Stripe to handle the backend payment system for electronic check transfers via our website.
Financing: Depending on the property, financing may be available. This payment option entails a Land Contract which is a legally binding document that specifies the terms and conditions of the financing. If the option to finance a property is available, a Land Contract will be signed by the seller (APXN Property) and the buyer (you). After the final payment is made by the buyer and all the terms and conditions are met as specified in the Land Contract, APXN Property will transfer the property Title to the buyer by way of Deed in the respective county.
At APXN Property we use a loan servicing software package by the name of GeekPay.io. If you choose to participate in financing, a link to the GeekPay.io website will be provided. This loan servicing software provides the amortization schedule, terms of the loan, applicable documents, offers users various payment methods, and captures fees if applicable. If you believe APXN Property financing would better suit your lifestyle, please contact us and we would be happy discuss this further.
Future Payments: APXN Property is excited to announce additional payment methods are currently in work! Stay tuned!