Quote:
Originally Posted by Justputt
However, the land/lot had to paid for in advance. We had to put 10% down to secure the lot and the balance paid once the home building contract was signed. For those of us that built, we paid the lot off before the first concrete pour was even planned.
|
Quote:
Originally Posted by VAtoFLA
It's still not yours until the transaction closes. You may feel differently, but these are legal definitions.
|
I could be wrong and I'd be interested to hear if I am ... but
I believe you are required to "deposit" the amount of the land cost, prior to construction, but there is no "deed" (Grant) involved.
Which would mean you have an equitable interest in the land, but no "ownership" of the land.
If there was an actual "closing" and you took possession of the land and then signed a new contract for "construction", that would be a different story.
In essence, I'm saying the same thing as VAtoFLA said, above. It may sound like semantics, but there's a significant legal difference in those 2 processes.