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.
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.
Nowadays all of my favorite software packages come for the same price: free. So I’d check out what’s available at tucows.com or software.com. You can also make a tolerable web page using Microsoft Word (which probably came loaded on your computer) however, if you’ve never made any web pages before, you’ll probably also be needing web-space to put them on, and you can find both web-authoring software and web-space available cheap or free with a little thoughtful web-searching.
There always seems to be an endless pile of paperwork and a lot of legal hoops to jump through (everybody wants to protect themselves from liability, etc). While some of this documentation is certainly good practice – I've learned that when you boil it all down, closing a real estate transaction is actually a fairly simple process – especially when it's an all-cash transaction (no financing or mortgages involved).
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.
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.
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.
Hi Seth, thank you for all this information, it’s a great post! I have a question hopefully you can help. My dad is selling his house to a company that buys “as is” in cash, they’re the ones doing all the work and they told me he would just have to sign the documents that they would send to closed the deal, (they’re also paying all closing cost) the thing is that the house is located in Georgia and my dad lives in Indiana, so they said they would send the documents to my email and he can do the e-sign. He already sign a Standar Purchase and Sale Agreement, I asked them if my dad needs to sign the documents in front of an attorney or notary and they said no, it’s this true? Since I don’t have any expertise on this I’m just helping my dad because he doesn’t speak English, I’m a little worry that I might be doing something wrong by not asking the right questions. Also for the payment they said they’re going to make the payment to the mortgage company and then send my dad the remaining money as a wire or cashier check whichever my dad prefers, is this also right? Help please!
If youre providing seller financing, youll still need to draft a deed, but this deed will be held in escrow until the final payment is made. Once that payment is made, the deed will be filed with its respective government agency, typically the county clerk. You can have an attorney, title agency, or a financial institution hold the median in escrow for you until the buyer makes the final payment.
I agree with Ellen Chung, finding the right type of buyer to target is very important. Also, you should consider the amount of time you have to sell the land. If you are short on time due to back taxes owed or other financial obligations, your best bet may be to talk to a vacant land investor. You will not get the full market price for your property, but the typically can pay cash and close quickly.