As with other real estate transactions, land contracts require a “closing” to prepare, sign, and file all necessary legal documents. This article discusses the common steps a buyer and seller should take to close on a land contract purchase. For information on land contracts in general, see the Nolo article, The Basics of Land Contracts. And for a variety of useful articles on real estate closings, see Escrow and Closing in Nolo’s Real Estate section.
They are contractors looking to sell and move out of state for work. We viewed yesterday. They are renovating most flooring and walls due to sloppy relative that used to rent while they were out of town for work. Being contractors, I’m sure most materials are cheap or free for them to obtain, but they are finishing this before leaving. We are aware that it is a fixer but it’s totally liveable! Mainly cosmetics or personal preference will remain and we’ll own it.
Real estate agents typically charge a 4% to 6% commission on the sale price, so selling without an agent could certainly save you big bucks. Even after you pay $1,000 or so for your own online ads, open-house brochures, and a lawn sign, you would still probably clear an extra $14,000 on a $300,000 sale, $24,000 on a $500,000 sale, or $36,500 on a $750,000 sale.
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.
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.
It depends on a number of factors, are you trying to find cash buyers for your land, what is your time frame to sell the land, and are you trying to get full market value for the property, and how much work do you want to do to sell it? Depending on your answer to those questions the method by which you decide to list and market the property is going to be different.