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.

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The buyer may want to pay to have a policy of title insurance issued on the property subject to the land contract. The buyer can hire a title agency to run a land record search and discover any potential interests attached to the property that may interfere with buyer obtaining a clean title from seller. The parties may agree to split this cost in the land contract agreement.

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.
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.
In the very least, your land contract should include the address of the property and a full legal description of the land. It should also include the down payment amount, purchase price, the number of payments that will be made, the monthly payment amounts, and any balloon payments that may be required. You may also consider creating and attaching an amortization schedule.
I had a question related to buying land lots from over the counter tax deeds (stuff people didn’t buy from tax deed auctions), which I know isn’t what you mainly focus on here going after owners BEFORE the tax auction (but I have nothing for a marketing budget now). As I understand it, if you buy land tax deeds over the counter, the county gives you a quitclaim deed. We are probably going to be getting quitclaim deeds anyway from many customers we buy land from as well, so I guess there is some relevance to this question.

The first thing you must do when you have signed a contract to buy a property, especially where there are professionals involved in representing the interests of either party, is to lodge a caveat to protect your interest in the property until settlement.  A caveat will stop the vendor from selling to someone else or encumbering the property without notice to you.

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.
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.
Hi Laura – in pretty much every case, you’ll have to at least sign the deed in front of a notary, so it’s a little strange they didn’t mention that. If they aren’t going to use a title company, that’s not necessarily a deal-killer thing, but it means they really need to understand what they’re doing, and how to get everything properly documented and closed (and if they didn’t mention the deed/notary thing, that makes me wonder).

It is unfortunate, but one of the most common phrases we hear from sellers is “I don’t want to do anything to the land, just sell it as is.” At that point we begin the education process, but sometimes to no avail. Some sellers are just determined to leave significant amounts of money on the table due to the lack of “curb appeal” displayed by their property.
In the very least, your land contract should include the address of the property and a full legal description of the land. It should also include the down payment amount, purchase price, the number of payments that will be made, the monthly payment amounts, and any balloon payments that may be required. You may also consider creating and attaching an amortization schedule.
If you have an underlying loan, given a choice between a straight contract or a wrap-around contract, offer the wrap-around land contract. It will give you an override on the existing interest rate of the first mortgage. Ask for legal advice about an alienation clause. The lender could call your loan due and payable if the lender discovers you have sold the home through a land contract.
Agents, of course, will charge as much as 2.5% plus GST as commission on the sale of the property which, depending on the price, can be a significant sum.   However, if you have done your homework, whether you are the buyer or seller (we call them “purchaser” or “vendor”), it is possible to cut a fair deal, and to have all the documents prepared properly and legally, without the cost involved in having a real estate agent.
Comparables for land can be trickier than for home sales in your area. Although the assessor's valuation on your taxes can provide a starting point, consider factors like whether your property has utilities to the property line, views, zoning and any preapproved building plans to determine its worth. Location is always one of the most critical factors. In San Francisco's Pacific Heights area, for example, a buildable cul-de-sac lot of less than 4,000 square feet can sell for more than $9 million.
To help avoid these issues, land owners in Brentwood or elsewhere should consider having overgrown properties mowed and any existing garbage or junk removed before showing. If the property is too large to mow the entire piece, sellers should consider at least creating a convenient mowed area for parking near the entrance. In addition, establishing a few mowed walking or driving trails throughout the land can help to encourage prospective buyers to explore and view the entire parcel.
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A closing statement should be prepared to show an accounting of the debits and credits to each the buyer and to the seller as part of the land contract transaction. An attorney or a title agency can prepare a closing statement for the parties. The closing statement may also contain an amortization schedule showing the projected payments to be made from buyer to seller to fulfill the financial obligation of the land contract.
Although the process of selling land is less complex than selling a piece of property with a home, this is still a process that requires the help of a professional. Real estate laws vary from state to state, so it’s important to work with an experienced real estate attorney when selling your land. The help of a professional becomes even more important if you’re creating a land contract.
Although the process of selling land is less complex than selling a piece of property with a home, this is still a process that requires the help of a professional. Real estate laws vary from state to state, so it’s important to work with an experienced real estate attorney when selling your land. The help of a professional becomes even more important if you’re creating a land contract.
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.
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.
If you have plenty of time and are not in a hurry to sell the property, and would like to do very little work I would suggest listing it with a broker. They will be able to create a listing for the property, answer phone call and emails, and handle the closing. The downside of this approach is comes at a price and you typically only get local exposure and most real estate agents who deal with both land and homes will most likely put more effort into selling their homes as the commissions are greater.
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