UPDATED 1/25/10
Special Promotion !
$495 Down Payment Promotion (Normally $3,000) $1,000 Cash Coupon (For detailed info, Click Here) Expires February 28, 2010
We are offering owner financing on our properties. This makes it easier to own property without having to deal with banks and mortgage companies. We are giving competitive terms on all of our properties. We have provided several topics below to explain step by step how our owner financing program works.
Getting Started With our owner financing program we have a very simple and easy way to own property. The first step in owning property starts with us generating a purchase and sale agreement, then both the Purchaser and Seller signs the agreement, at this time we collect a $350.00 non-refundable processing fee and your down payment. The processing fee is used to prepare your installment note and necessary legal documents. Within 2 weeks after the processing fee and down payment is received by us, we mail you a package with all the loan documents to be signed. Once you review the package, you will sign it, and return it to us in the enclosed envelope. After we receive your package back, the property is yours to enjoy within the limits of the protective covenants provided to you, to view these protective covenants, click here. We do not perform any credit checks nor do we report to any credit bureaus. There are no prepayment penalties in our loan documents. Once the loan has been paid off in full, then we schedule a formal closing with an attorney. See the formal closing paragraph at the bottom of this page.
Monthly Payments We have four easy ways to make your monthly payments. 1) Payment by check, mailed to us at: Pay My Land Inc., 3284 McCullers Dr, Loganville, Georgia, 30052. 2) Auto check draft from your checking account. 3) Wire transfer directly from your account to ours. 4) Pay online at www.paymyland.com
For our pay online services visit www.paymyland.com or click 
There are five parts that are used to determine your monthly payments.
- The first of the five, the interest rate is a * Fixed Interest Rate of 9.9%
- The second of the five, the down payment is
10% ( $3,490) down. $495 PROMOTION- The third of the five, the amount of time the loan is financed is 15 years
- The fourth of five, is the loan amount that is financed to you. The loan amount is calculated by subtracting the down payment from your purchase price. Example $29,900 purchase price. $495 Down payment. Equals a loan amount of $29,405. ($29,900 - $495 = $29,405)
- The final part, the property taxes. We collect 1/12 of the property tax bill from you each month. The local County Tax Office will send us the annual property tax bill for your property each year, and we pay the taxes for you. We only collect monthly from you the amount that we estimate that your taxes will cost at the end of the year. Property taxes are approximately $20 - $40 per month. These taxes are not figured into the land pricing schedule on the Home page.
Below is a chart that you may use to figure principal and interest portion of your monthly payments. Just fill in the blanks. The property taxed is not included in the chart below.
Enter the total purchase price here Enter 9.9% here Enter 15 here Enter down payment here ($495.00) Here is your monthly payment
*Annual Property Taxes Real Estate taxes are figured using the value of your property. The County tax office visits all properties at the beginning of the year to assess the fair market value of the property. In 2007 the Hancock County millage rate was .0401797. The way property taxes are figured is quite simple.
Two steps are involved: Lets assume the value of your property is $29,900
- Multiply $29,900 by .40 = $11,960 (Assessed Value)
- Multiply $11,960 by .0401797 = $480.55 (Your Estimated Yearly Property Taxes)
*Remember that each year, every county in the state reevaluates the fair market value of properties and their millage rates, therefore you can't assume that your property taxes will remain the same year after year. Real estate property taxes will be prorated on a monthly basis and added to your monthly payments. The monthly payments on the home page of 5land.com does not include the annual property taxes. The tax bill is sent to the person that is on record at the Court House as of January 1st of every year, therefore, the County will send us the bill at the end of each year. We collect 1/12 of your taxes from you on a monthly basis, therefore, when the taxes becomes due to the County, we pay them. Example $480.55 / 12 = $40.05 per month. This is only an Example, this is not the amount that you will pay per month. Property taxes are approximately $20 - $40 per month. At the end of each year when we receive your tax bill from the County Tax office, if we have not collected enough from you through out the year, you will be expected to pay the short fall. We may adjust your monthly tax payments from time to time to have enough to pay your tax bill at the end of the year.
Formal Closing with an Attorney After the loan is paid in full, then we will schedule the formal closing with a local attorney. We have been closing with Kiser and Green LLC, in their Loganville, Georgia office, because they are familiar with the property and with our owner financing process. Kiser and Green's web site is www.kisergreen.com . Directions to their office can be found on their web site. The deed to the property will be transferred to the Purchaser at the time of the formal closing. The Purchaser is responsible for their own closing cost. For a small postage fee, the formal closing can also be done through the mail, just the same as the processing fee.
* Fixed Interest Rate - is an interest rate for a loan in which the interest rate does not change during the entire term of the loan, also called fixed interest rate.
* Property Taxes - The tax formula and tax information on this web site is for demonstrative purposes only. You are responsible for contacting the proper tax office and verifying any and all property tax information prior to purchasing property. This information is not warranted or guaranteed. Property taxes are not calculated into your monthly payments on the home page of 5land.com
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