California's basic transfer tax is $1.10 per $1,000 of value, and generally the seller pays the cost. If a $575,000 piece of land changes hands, the seller will pay the entire $632.50 tax at closing. Some cities also impose transfer taxes, which vary from $1.10 to $15.00 per $1,000 of value transferred, depending on the value of the property and the community in which it is located. The custom is for the buyer and seller to equally split the tax in most cities, but in some areas sellers customarily pay the entire tax.

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Copyright © 2018 MH Sub I, LLC dba Nolo ® Self-help services may not be permitted in all states. The information provided on this site is not legal advice, does not constitute a lawyer referral service, and no attorney-client or confidential relationship is or will be formed by use of the site. The attorney listings on this site are paid attorney advertising. In some states, the information on this website may be considered a lawyer referral service. Please reference the Terms of Use and the Supplemental Terms for specific information related to your state. Your use of this website constitutes acceptance of the Terms of Use, Supplemental Terms, Privacy Policy and Cookie Policy.
Hmm, I would think that most attorneys would want to control the recording process themselves rather than leaving it up to the buyer (because most buyers have no idea how to do this). Does the deed say that it was drafted by the buyer, or by the attorney? I’ve never heard of a rule where ONLY the buyer could record these things (maybe it works differently in Illinois, I’m not sure), but I know most recorders will only accept the original copies… so if you didn’t have the original copies (with “wet ink”), that could’ve been the issue too.
While approximate land value calculators and charts are available online for most areas of the United States, sellers should use these figures only for broad estimation purposes. Arriving at a more exact price point to use as a listing price is best done by a real estate professional with a solid track record of successfully selling the type of land being sold.
Disclaimer: Please be aware that I am not an attorney and the information in this article should not be interpreted as legal advice. Every state has different laws and every real estate transaction has unique variables that can affect these standard documents listed below. Even though these are the exact steps & documentation that I use in my closings – don't assume that this information is fully applicable to your situation. Before you act on anything described below, be sure to consult with an attorney or legal professional in your area to confirm you're following the right steps and procedure.
For what it’s worth, I do know of at least one wholesaler who has worked in Florida for years (though he does use a title company for every deal, he doesn’t close them himself). Given the logistical challenges with assigning contracts, I wouldn’t recommend trying to do these types of deals without a title company – it requires A LOT more running around and coordination than just paying cash and buying the property yourself.
Provide as much detail as you can. Land buyers want the facts, and they wanted them yesterday. When you’re listing your property, be sure to include the zoning, plus details on whether the buyer will be able to change the way the property is zoned. You also want to include details on taxes paid on the land and other typical expenses. If you can, include the tax-roll printout from your local land registry or county assessor and include the legal description of the land in the listing. You can also provide that detail when people come to look at the land.
Carefully research information regarding the price and terms of sales in today’s real estate market. Investigate recent sale prices of properties similar to yours in your immediate area.  Know the property lot size, current tax information, and relevant property disclosure laws.  Then establish a realistic price for your property based on that information.
Equally, if you are thinking of buying a particular property, you don’t have to wait for a property to go on the market or appear in the real estate section of the newspaper in order to make an offer to purchase it.  There is nothing stopping you from approaching the owner directly and asking if they are prepared to sell their property if the price is right.

I've seen a lot of different situations and dealt virtually every type of buyer, seller, lender and property type imaginable. After working through many of the different scenarios that can materialize in the real estate closing process, I have to admit – I understand why most people are intimidated by the idea of closing a real estate transaction themselves. For understandable reasons – there can be a lot of confusion and fear about how to close a real estate deal without the assistance of a professional.
Writing a legally enforceable contract for sale with your buyer means spelling out any contingencies like the buyer obtaining financing if needed and doing due diligence to ensure the property suits intended needs. Look online to review real estate land contracts for your state to ensure that you don't overlook crucial factors. Processing the sale through an escrow at a title company will ensure that there are no liens or other claims to the deed that could cause problems down the road. Title companies also make sure that all legal details are in order, all documents are properly prepared and signed and the deed is officially recorded.
To set your price, check around your neighborhood / community for comparable homes for sale. Get familiar with how other similar homes are priced. If you'd like a little more help in this area, the alternative to determining a price on your own is to use a professional appraiser. The initial cost of an appraiser is still much less than the end cost of commission. It's important to revisit your pricing strategy from time to time using all the available information you have.
The title company charges for the escrow services that it provides. These services include holding the funds, providing a place for the closing and having one of their staffers calculate the cash flows in the transaction. Typically, the buyer pays all of the costs, but in some areas they can be split between the two parties, or they can even be paid by the seller, although this is rare.
Next, it’s time to advertise.  Depending somewhat on the type and location of your property, you can find a handful of free advertising sites on the web and you should employ these, preferably with a link to your web-page(s) if that’s permitted.   However, few of these free sites bring you enough traffic to help much in the absence of some uncommonly good luck.
Equally, if you are thinking of buying a particular property, you don’t have to wait for a property to go on the market or appear in the real estate section of the newspaper in order to make an offer to purchase it.  There is nothing stopping you from approaching the owner directly and asking if they are prepared to sell their property if the price is right.
Once you’ve got the mechanics taken care of, all you need to do is collect absolutely everything you can think of that will describe your property, which may include, but will not be limited to, a written description, lots and lots of photographs, perhaps taken in different seasons, information about the local area, last year’s real estate taxes, aerial photos, road maps and perhaps a .pdf or .jpg copy of the survey, if available.
Owners wishing to sell their property privately, will not only save thousands of dollars in commission fees you will also not be paying the sometimes extraordinarily high adverting rates that most traditional agents charge the owners upfront. For our very modest marketing fee to list your property privately through our online service you can save hundreds, if not thousands, of dollars on this outlay alone.
So your home is for sale, and you've signed a contract with a real estate agent, but you were actually able to nab a buyer through your own efforts. Maybe it was through word of mouth or your aggressive push on Facebook (you should really apologize to your friends for posting so many pictures of your house!), but someone is writing you an offer and really wants to buy your house. Having found a buyer on your own, are you still legally obligated to pay real estate fees or commission? Here's how to know if you're on the hook.
If the buyer has secured financing or is planning on paying with cash, a contract for sale will be necessary. This contract will specify the terms of the sale and may also specify other documents required before transferring the deed. This may include the financial documents that are necessary to secure financing. The contract may also indicate that title insurance will be provided. In this case, the title company may be involved in the transaction.
Moreover, even though you’ll not have a lump sum of money to place against another piece of land or some other big-ticket item such as a vehicle or home construction, you will have the guaranteed income to match your payments, or some such new purchases, including the interest.   You’ll also get to keep a lot more of the money you’ll receive, because you’ll only pay income taxes in small installments over the years, rather than all at once, which is likely to bump you into a higher tax bracket.
With this in mind, I spent several months putting together a full-blown course that explains how this process works from start-to-finish. The course is designed specifically for people working in the land investing business, and it comes with dozens of video tutorials and document templates that give an in-depth explanation of each step along the way.
A deed to transfer the legal title of the property from the seller to the buyer should be drafted and signed by the seller at the closing. This deed will be held in escrow until the final payment is made on the land contract and then filed with the appropriate government agency, such as the county clerk in the county where the property is located. Held in escrow means that the deed is held until a triggering event, payment of the land contract. A title agency, an attorney, or a financial institution may hold the deed in escrow for the buyer and seller.

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Equally, if you are thinking of buying a particular property, you don’t have to wait for a property to go on the market or appear in the real estate section of the newspaper in order to make an offer to purchase it.  There is nothing stopping you from approaching the owner directly and asking if they are prepared to sell their property if the price is right.
Land contracts are security agreements between a seller, known as a Vendor, and a buyer, known as a Vendee. The Vendor carries the financing for the Vendee, which may or may not contain an underlying loan. A main difference between a land contract and a mortgage is the buyer does not receive a deed or clear title to the property until the land contract is paid off.
It depends on a number of factors, are you trying to find cash buyers for your land, what is your time frame to sell the land, and are you trying to get full market value for the property, and how much work do you want to do to sell it? Depending on your answer to those questions the method by which you decide to list and market the property is going to be different.
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