FAQ

How does closing work?

Once a Purchase Agreement is fully signed, the closing partner takes over. They run title, hold earnest money in escrow, prepare the deed, and host the closing meeting. LandXchange exits the transaction at signature.

1. Who handles closing?

   A South Carolina closing attorney. This is not a preference, it is the rule here: South Carolina requires real estate closings to be conducted under the supervision of a licensed SC attorney, which is why you cannot close a deal in this state with a title company alone the way you can in many others. A title company may still be involved in title work and insurance, but an attorney supervises the closing. LandXchange refers the closing and nothing more: we never hold escrow, never prepare the deed, and never coordinate funds.

2. How long does closing take?

   Typically 30-45 days for cash deals. Bank-financed deals add 15-30 days for the loan commitment. Owner-finance deals close faster (often 14-30 days) since there is no third-party lender.

3. Who pays closing costs?

   Negotiable in the contract. Standard for SC vacant land: each party pays their own attorney + recording fees, buyer pays title insurance, buyer pays for any new survey if required. Sellers and buyers are free to allocate differently in the Purchase Agreement.

4. What about earnest money?

   Earnest money (1-5% of purchase price for vacant land) is paid by the buyer within 3 business days of contract signing and held in the closing partner's escrow account. At closing it credits to the purchase price. If the deal collapses, who keeps it depends on the default-and-remedies clause in the contract.

LandXchange is a marketplace technology platform, not a real estate broker, law firm, or appraiser. Information here is general, for specific transactions, work with a licensed professional.