While it can take some work to find out what some people want, that’s just not the case with homebuyers. They aren’t going to play their cards close to the chest or make you guess about what they’re looking for. No, homebuyers are an upfront bunch. They know what they want, and if a house doesn’t deliver, they’ll let someone know — just watch an episode of House Hunters if you don’t believe us.
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.
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.
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.
Mark has never been stuck with a piece of raw land because he always makes the deal irresistible. When selling the land, the typical deal structure is seller financing. Mark gets an initial down payment, which will usually cover his current out-of-pocket costs. Then, he gets monthly passive income in the form of a payment based on the seller financing terms.
If the sellers feel as if they are doing all the work, they might also be able to modify the existing agreement and add a termination if the broker doesn't meet certain obligations, like selling the home within a certain time frame, says Sandy Straley, a real estate agent in Layton, UT. Other obligations for the listing could include organizing open houses, creating and distributing printed materials, and even the posting of videos shot by drones, says Markel.
A somewhat surprising fact about selling real estate is that it can be far more difficult to find a buyer for a piece of vacant land than it is for most types of existing homes. The reasons for this are many, but often they are related to either the location of the land or the amount of work or expense that might be necessary to improve vacant land for a specific usage.
No, the purchase agreement doesn’t need to be notarized – however, in some states (like Michigan, for instance), you technically need to get a witness signature to go along with each party’s signature (the witness doesn’t need to be a notary, it can be pretty much anyone). That being said – there’s nothing “wrong” with getting a notary’s signature on this, it’s just overkill.
There are times when it is absolutely worth the money to hire a professional closing agent (I usually do it when I'm paying more than $5,000 for a property and/or if the property's fair market value exceeds $10,000), but when you're buying a property for pennies on the dollar, there are a lot of cases where you can easily close the deal yourself and get by without this added cost.

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.
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.
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Whether you’re selling your land yourself or with the help of a real estate professional, it’s important to ensure that you have all the necessary documents to complete the transaction. It’s highly recommended that you consult with an attorney to ensure that your contract includes all of the necessary information and to ensure that you aren’t missing any important documentation. If you plan on selling the land yourself, be sure to do your research to avoid complications during the sale process.
Carefully research information regarding the price and terms of sales in today’s real estate market. Investigate recent sale prices of properties similar to yours in your immediate area.  Know the property lot size, current tax information, and relevant property disclosure laws.  Then establish a realistic price for your property based on that information.
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Some people prefer to cut out the middleman when selling property, which means selling land without a Realtor. If you go the for sale by owner, or FSBO, route, you don’t have to pay a commission to an agent. The drawback is that you’re likely to sell for less than you would at auction, and it might take considerably longer for the sale to go through. You also have to manage all the advertising, negotiations and paperwork yourself!


I do most of my own title searches these days, but only because I know what I'm doing. If you have no idea where to start (even after watching the video above), there's nothing wrong with playing it safe and hiring a title company to handle this for you. Pay attention to what they're doing, ask a lot of questions along the way and learn how to do it yourself for future reference.
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.
Personally, I’ve had good experience with Google Adwords where you can set your ad budget to as little as one dollar per day.  (You may be able to set it even lower, but let’s get serious, you DO want to sell this place don’t you?  Adwords also coordinates with Google Analytics, which will tell you far more than you need to know about the traffic you’re getting to your pages.  Also provided are ways to see how effective the ads you write are proving to be.  LandWatch.com is another favorite source of mine which consistently supplies better-quality leads, that is, more serious clients, than Google and others.
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.
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 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 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.
I sold a house in Illinois with assistance of an attorney four years ago. The attorney instructed the buyer to record the deed during the closing. The buyer has never done so. I still receive the tax bills that I pass on to buyer with requests that he record the deed. I took all documentation of the sale to the county recorder but was informed that only the buyer could record the deed. Any advice?
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.
If you feel that you have been a victim of real estate fraud, there are many resources available for you as the victim. Your first step is to contact the local District Attorney’s office and report the incident. Our office will stand by you and provide any relevant information to support your claim. Here are additional agencies that can assist you and provide more resources:
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.
While a good agent can certainly help with the negotiation process, he or she also has a vested interest in the transaction. “And closing the deal may in some cases be more important to the agent than getting you the absolute best price,” Schorr says. If you’re a good negotiator and can handle the process without emotion and with clear eyes, you might do better on your own.
Back in the day, there was so much available land in the U.S., especially in Kansas and other Midwestern and Western states, that the federal government was giving it away for next to nothing. Thanks to the Homestead Act of 1862, settlers who made their homes on land and stayed there for at least five years could take ownership of up to 160 acres, all for the price of a small filing fee.
If, for whatever reason, you don’t want to use Craigslist, another option is Facebook. Mark said, “right now, people are selling all day long on buy/sell groups on Facebook.” However, these are not the typical raw land investing or real estate buy/sell groups. “They’re going to Craigslist buy/sell groups, recreational vehicles buy/sell groups, hunting buy/sell groups, or fishing buy/sell groups.”
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