Hi Ben, you could use these for houses as well (I have in the past). The only caveat is that most houses have a lot more variables to consider (inspections, mortgages, utilities, etc.) – so it’s not a bad idea to at least consult with a title company or closing attorney and ask if they know of any other items you’d be required to have completed in your state.
Purchase agreement: A purchase agreement is a document stating the buyer is going to buy the land for a given amount, and that you’re going to sell that land for that amount. A purchase agreement also lists any conditions that would allow either of you to back out of the sale, and includes any details of the purchase that have been met, such as the buyer making a down payment.
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.

A lot of attorneys would love you to believe you have to cough up $1,000+ every single time you need to close a deal. There may be the occasional case where you have a VERY complicated deal that ought to be handled by an attorney (and in some states, the involvement of an attorney is required – see this blog post for more information), but I've found that in many cases, there is nothing wrong with using these basic templates to close transactions in-house.

Bargain hunters: Of course, some buyers may find you even without a buyer’s agent. “If you have a great house, in a sought-after neighborhood, and you’re on a busy road where you’ll get a lot of visibility, then you might do fine working with only the unsigned homebuyers who discover your house on their own,” says Schorr. If you’ve got a charmer with a great kitchen in an affordable price range, they’ll find it online no matter how far off the beaten path you are.


Agents are generally pretty good at protecting their clients’ position.  They also have a vested interest in ensuring that settlement proceeds without delay so that they can get paid their commission.  Without an agent, and in particular without a lawyer or conveyancer involved in the negotiation process, vendors and purchasers can sometimes commit to terms and conditions that are unworkable, ill-advised and even unlawful.   For example, vendor finance clauses, rent-to-buy conditions, options and the like are very complicated even for seasoned investors.  Getting conveyancing and in particular legal advice and assistance is the key.

You'll want to have a real estate lawyer ready to go once you start entertaining offers. If you are new to selling privately, getting familiar with some common language such as deposits, conditions, adjustments, closing dates, etc., might be a good idea. Remember, you would need to get the services of a real estate lawyer to help close the transaction no matter what method you chose to sell. This is not an added expense to selling privately.
Each approach has it’s pros and cons – and it does take more hassle to close it yourself rather than using a title company or closing attorney… so these are definitely things to keep in mind if you decide to go this route. You’ll definitely save money by doing an in-house closing, but it’s also a bit more complicated and time-consuming to handle everything yourself.
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We are buying a home (FSBO) with cash from a friend, and want to avoid ridiculous closing costs. The seller is in Chapter 13 bankruptcy and the bankruptcy court has lifted the “stay” that had protected the house from foreclosure. We have contacted her bank (mortgage holder) and informed them we want to buy the house, and they have provided us with the payoff number. Does this package tell me everything I need to do to close this deal myself?
Bargain hunters: Of course, some buyers may find you even without a buyer’s agent. “If you have a great house, in a sought-after neighborhood, and you’re on a busy road where you’ll get a lot of visibility, then you might do fine working with only the unsigned homebuyers who discover your house on their own,” says Schorr. If you’ve got a charmer with a great kitchen in an affordable price range, they’ll find it online no matter how far off the beaten path you are.
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.
If you own a piece of land that you’re thinking about selling, you need to know how to sell your land the proper way and at the proper time in order to maximize your ROI. Land is one of the most significant investments that you can make in your lifetime. So, if you are thinking about selling your land, you need to be absolutely sure about your decision.

They are contractors looking to sell and move out of state for work. We viewed yesterday. They are renovating most flooring and walls due to sloppy relative that used to rent while they were out of town for work. Being contractors, I’m sure most materials are cheap or free for them to obtain, but they are finishing this before leaving. We are aware that it is a fixer but it’s totally liveable! Mainly cosmetics or personal preference will remain and we’ll own it.
Part of the reason for a title company is not only to help facilitate the closing, but also to make sure everything is prepared properly, and (perhaps most importantly) to be a mediator who can handle the documentation and transfer of funds (making sure both parties do everything completely, and that you actually get paid). If there’s no title company involved with this closing, I would be sure your dad and the mortgage company get paid either before or at the same time your dad is signing his documents, to ensure that everything is completed, and you/he actually gets paid.
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.
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.
At the showing, make sure valuables and other confidential items are put away so the potential buyers are free to walk around. Try and keep the number of people in the house to a minimum. Give them some time and space to look around on their own, but be available for questions. Gather receipts for heating costs, taxes, past repairs, or renovations; buyers interested in the house will want to know these details.
The steps above are fairly similar to transactions that involve owner financing. The primary exception is that a deal that involves owner financing requires a few additional documents. Depending on the state and the specifics of the transaction, some seller financed deals will make the most sense to use in conjunction with a land contract (aka – contract for deed), which I explain in this blog post). Likewise, other seller financed deals will make more sense to use in conjunction with a Promissory Note and Deed of Trust, which I explain in this blog post.
Pricing your home correctly is crucial when putting your property on the market. A property that is badly priced will take longer to sell than one that offers fair market value. You would need to do your research and get to know the local market inside out. Buyers can ask an agent to provide a comparative market analysis – a list of similar properties sold in the area, research asking prices for similar properties on Private Property or purchase a report from a property research company like Lightstone. Once you have the information required, you can set your asking price.
Conducting a self-closed real estate transaction isn't appropriate for all people and situations. The process DOES require some significant attention to detail and organizational skills. Some people are very good at staying organized and keeping track of these details, and others aren't. Don't try to close your own deals unless you're willing to go slow and get the help you need to ensure you're completing each step in accordance with the laws and regulations of your state.
Hi Dothan – thanks for asking! The package explains all of the standard steps for handling the closing in-house, but it’s geared more towards vacant land investors (and vacant lots are a bit simpler to close on than a standard home). If you’re working with a bank, they might even require that you go through a title company (and honestly, if the purchase price is $10,000 or higher, it should be fairly easy to justify the closing costs).
Advertise your property is for sale. Be sure to include location, price, dimensions and any other information that could add value to the land. For example, if your land has a lake view or beach access, it is important to mention that on the listing as well. Advertising mediums such as newspapers, television, signage or the Internet can be used to promote the sale of your property.
Make no mistake, though: Working without an agent requires a huge investment of time, knowhow, and effort. You need a wide range of skills, from home staging to salesmanship to negotiating. And you need to be able to completely divorce yourself from the emotions that can arise when a buyer takes a dig at your curb appeal or lowballs the offer on the beloved home where you raised your family.
I requested a quote 13 days ago & I accept the fact that you are back logged & it could take up to 14 days to get a written response. I just hope that you seriously consider our property for purchase. It really is a great lot. We had plans 13yrs ago to build a house with a walkout basement & even add a pole barn to the property. Times change, situations change & we've been trying to sell this since 2008. I'll keep my fingers crossed & hope that I hear a response with an offer very soon. I appreciate that you look at every property & realize it might take a little longer than 2 weeks to hear something. Thank you very much for your consideration. Amy
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