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).

Land buyers are going to be more interested in a property that’s in the right location than one that’s more far-flung. For example, a buyer looking to build up a housing development might be more interested in land that’s near the Kansas City metro area, as the houses built on that land will be more likely to attract buyers, especially buyers who work in the metro area.


I suggest you go to your local real estate clubs and get more buyers there! You know, its like if you wanted to find a job really quick. You can go to several head hunters, several temp to hire agency, and you can put all these people to work for you - for not a dime of your money. Thats what I call people leveraging. When your at home, you are going to have several people calling you back to tell you about offers they have for you and you can then cherry pick the offers and take the one that best fits you. Real estate clubs are full of people who want to find you buyers - these people are called wholesalers. And guess what, you can have as many as you need. I say, work smart not hard!
Hi Seth, and thanks for the quick response! I’ve looked at the steps you’ve outlined, and, other than a few required disclosures when selling a house, the steps seem the same to me. I’m just not willing to pay a third party 2300 bucks to close a cash deal on a 54k property. It’s just not right that I can go pay cash for a 54k car, but somebody else’s hands have to be in the pot when I buy a 54k house for cash! Arghh! I’m going to buy title insurance because the owner is in bankruptcy, but I really don’t see anything else that I can’t do by myself. I’m waiting on a couple of quotes from different title companies, but I’ll likely buy your package and go from there. Even if it doesn’t work out for this deal, I’m sure I’ll be able to use the info on future land only deals!
The first obligation of a vendor to the purchaser is to make sure they can provide clear title to the purchaser, in other words, ensure your property can be freed of any encumbrances or orders or conditions at settlement so that the purchaser has clear title to the property.  Your lawyer or conveyancer can assist you with this but the obligation is on you so make sure these matters are worked out before you start signing contracts.
Seth, you are amazing and brilliant. People at work were talking about you. Now I know why they spoke so highly of your straightforward professional, easy to understand posts. I am excited to look into everything you have to offer. We are all grateful for yoor expertise and the time you take to share and help the novice RE folks out here. YOU rock! Thanks! Just had to say this now. More when I finish!
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.
The disclosure statement is actually something I put together for myself (it’s not a template you’ll find anywhere). It’s not technically a requirement, I just use it to cover myself from any potential liability, in case a buyer didn’t do all their homework and tries to blame me for something, this is their way of stating that all their own due diligence is up to them to complete.
Additionally, the land contract should indicate how many payments will be made, their due dates, grace periods (if applicable), fees for late payments, and how the buyer should deliver each payment. Under a land contract, buyers are usually treated just like a property owner, and will be responsible for paying property taxes, insurance, and any utility bills associated with the land use.
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).
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.
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The county should be fully aware of this change in ownership because they recorded your deed, but in many cases – the city or township administration is in a completely separate office and they don't share the same systems with the county. As such, they need to be notified separately about the property's change in ownership (and if they aren't made aware of the change, they'll continue sending the property tax bills to the old owner).

The land contract should also state how the payments are to be made, including the due date, any grace periods for late payments, late payment fees, and where the buyer should deliver each payment. Typically, the land contract buyer will be treated just like the property owner and thus will be responsible for the taxes on the property, the insurance, and any utility bills including water and sewer which are typically billed directly to the property.
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When you're buying a property for just a few hundred bucks (which is how most of my deals work) and you're already on a tight budget to begin with, it can be difficult to justify paying twice the amount of your purchase price just to close the darn thing. If you're in a situation where you need to act fast, acquire a property inexpensively and make the closing as easy as possible, closing it yourself may be the most advantageous way to move forward.
Land buyers are going to be more interested in a property that’s in the right location than one that’s more far-flung. For example, a buyer looking to build up a housing development might be more interested in land that’s near the Kansas City metro area, as the houses built on that land will be more likely to attract buyers, especially buyers who work in the metro area.
Soil Terrain and Vegetation: Most small landowners will prefer a mixture of hill and valley, but level agricultural land is usually more expensive than hilly ground.  However, if your property is smaller, say less than eighty acres, there will probably be a better market for the mixed terrain that includes level bottomland and forested hills.  Likewise, the best overall market exists for small properties with a mixture of forest and meadow as opposed to all woods or all field.
An attorney’s office or a title company can prepare closing documents for a land contract sale, but only the parties themselves or an attorney can prepare the actual land contract document and land contract memorandum. It is important to keep copies of all documents involved in closing on a land contract to verify required filings are performed and to protect each party’s interests in the sale.
Left unattended, vacant land quickly becomes overgrown with weeds, sprouts, saplings and other vegetation that can make it difficult for interested parties to view the property or imagine its suitability for a specific purpose. Even worse, prospective buyers may discount any offer they do make on land that is very overgrown or filled with garbage or other waste.
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