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.
anyone interesting in commercial land on busy road? very close to i279 north of pittsburgh pa area and its permit allow to rebuild home or parking lot or something of business as well. last price value is 12 k but not sure what it is worth in value it is on 3856 east street... 15214... 2041 sq feet formerly warehouse was there and the land is cleared out... with fence...
When people are selling their homes, they hear a lot about the value of staging to make the home look better and to speed up the sale process. While you can’t really “stage” your land — unless you want to strategically place a few cows or sheep here and there to make farmland look more “farmy” — there are several things you can do to speed up the process of selling your land.
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.
However, if two or more people are buying or selling the property (like a married couple, for instance), you need to pay close attention to the details and verify how they should be holding or transferring the title. Some states use slightly different terminology – but these are some of the more common ways that two people can hold the title to a property.
Some states have laws that treat a land contract similar to a trust deed, and those land contracts provide for a trustee, giving a trustee "power of sale" to initiate foreclosure proceedings in the event the Vendee defaults on the contract. Other states give buyers a longer period of redemption, similar to those under a mortgage. For these reasons, it is important to reduce the chances of default by pre-qualifying the Vendee.
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 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).
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.
While a land transaction is different in many ways from a real estate transaction in which improved property changes hands, it's still a real estate transaction. Land sales still involve escrows and title insurance and are still subject to transfer taxes. As with any other transaction, there are customs for who pays which expense at a closing, but the customs are also set aside when the purchase agreement for the land specifies a different procedure.
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.
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