A seller who accepts the terms of the buyer’s purchase offer should sign the offer making it an official purchase agreement. The seller may be required by law to provide certain disclosures such as of any known defects of the property, including the existence of any lead-based paint. Required real estate disclosures vary by state, and a real estate professional or attorney may be able to assist sellers with these forms. For details, see the Nolo articles under What Sellers Must Disclose About a House’s Condition in the Selling a House section of this site.

Hi Sean! When I do my own title search, it’s because I’m NOT planning to get a title insurance policy (mainly because the property is so cheap, and the extra cost is difficult to justify). And yes, I am always sure to get a Warranty Deed from the seller. If I find any apparent problem in the title search, then I’ll usually walk away from the deal unless it’s VERY minor and/or we’re able to resolve the issue as part of my closing.
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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.
If the neighbor isn’t interested, the next best option is to go to your buyer’s list. “What I like to do every single day,” said Mark, “is [to] do something to create some value or educate people on the benefits of owning raw land.” Then, he will end the content with a call-to-action. Two example of calls-to-action would be, “If you want to learn more, just opt-in here” or “Get $250 off your first land purchase.”
One way you can do this is by using a third party escrow service like SafeFunds.com (I’ve never used them, but I know some who have and I’ve heard it works well). You could also give the cashier’s check to your mobile notary (if you’re using one) and they can deliver it to the seller after they’ve completed their documents. You could also just make a copy of the cashier’s check (to give the seller evidence that you have the money and it’s ready to go), and send this to them along with their docs to complete… and then you could mail it to them AFTER you receive everything from them.
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.
Thinking of selling your land? Whether you’re working with a real estate agent or selling your property on your own, there are certain documents that you’ll need in order to close the deal. While requirements may vary depending on your state, there are a few general documents that you’ll need in order to legally transfer your property to the buyer.

If Mark has more than one piece of land to sell per week, or if he has exhausted his buyer’s list, he posts raw land investing deals to Craigslist. “Craigslist is the 10th most trafficked website in the US,” he said. “We use a program called Posting Domination. I’m able to automate 124 postings a day, all at the click of a button. It’s unbelievable. So we sell everyday on Craigslist, and we are building our buyer’s list everyday on Craigslist.”

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.
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.
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.

Buildings: This chapter is intended to address land-only sales.  Obviously, if your land has buildings on it, those can add significantly to the value.  If the buildings are of any value, that is, a livable house or a barn or shed in good repair, this may be harder for you to estimate or to compare with others.  About the best you can hope to do is to compare the number of rooms/bedrooms, the square footage, the general condition, and overall appearance.  If the buildings are of marginal value, give them appropriate ranking, however as advice to a potential seller of real estate (I’d tell a potential buyer something else) don’t discount that shack or hovel too severely.  A lot of buyers seem to feel somehow assured if there’s a structure of any kind on a property.   Maybe it seems less intimidating than starting with empty woods.  So if it doesn’t leak too badly, and isn’t going to fall down in the next few years, you may consider bumping the price up a few thousand dollars, or leaving it where it is so that the building provides another inducement to buy.
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.
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.
Consider all offers. An offer can be accepted, rejected or countered. You choose how to respond but it's important to remain focused on your bottom line. Don't take any offers personal. Buyers generally are looking out for their best interest; you need to look out for yours. As the seller, you may decide not to counter if you think that the buyer is not serious enough to continue negotiations.
My neighbor and I both want to do this as inexpensively as possible. I’m not expecting to make much more than what is needed to cover the mortgage payoff and a little extra to cover closing costs. I’m not sure what level of professional help needs to be involved, but the realtor who handled the deal for the home I just bought said it was as simple as contacting a title company to cover the necessary paperwork. Is that true?
In terms of paying off the mortgage, you’d have to work directly with the lender to make sure they get paid and that they discharge their mortgage. If you’re unsure about how the process works, then honestly – it probably is best to just work with a title company. It may cost a few hundred dollars more – but for a property like what you’re describing, that’s what I would be doing anyway (I use title companies for anything in excess of $10K). They will take all the guesswork out of this process and make it WAY easier to get the job done.
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).
That's tricky. It is not as easy to find a buyer for land as it is for a residence. Not all buyers have the resources or the vision to do a project like that. I would say try marketing to a builder that will put something on it, or try marketing to those that would like to build. First, and most important is location. What is in the area. Is it a highly sought after residential area, is it a commercial area. Know what your zoning is, and who this piece of property would appeal to. You have to have some kind of a vision for who it would suit in order to know who and where to market it.
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