You may want to add an ‘escape’ clause, which allows you to keep the house on the market while the buyer sorts out the conditions of purchase (e.g. arranging finance, getting a builder’s report). If you receive another offer during this time, the clause gives the buyer a set number of days in which to go unconditional, and if they don’t you would be free to take up the other buyer’s offer instead.                    
Land contracts are useful instruments for sellers who are selling a home and contemplating carrying the financing for a buyer. It gives sellers a built-in income and generally a better interest rate than rates offered on money market accounts or certificates of deposit. However, a prudent seller should take steps to protect equity and ensure the buyer can fulfill the terms of the land contract.
I found the affidavit that you linked to and I get how to fill it out but the thing I’m stuck on is the notarizing. It has to be signed by both the seller/buyer and notarized. Obviously we aren’t near one another; can this document be notarized separately? Should I sign/notarize and then send it to the buyer for them to do the same? Have a mobile notary go to them? Any best practices?

That’s why you may want to tackle the job on your own.  These days, you can set your land apart from the crowd by marketing and selling it yourself.  Since the advent of the internet, it’s easier and more effective than ever, and the phrase “for sale by owner” has a particular cachet about it that buyers seem to like.  Many buyers assume that they’ll be saving the sales commission by buying directly from the owner.  Of course, you’re probably assuming that you’re saving the sales commission by selling it yourself.  Which of you is correct depends on how adeptly you handle your sale.
Just like you'd stage a home, you want the vacant land to show at its best. A lot overgrown with weeds is going to look less desirable in the eyes of a potential buyer than a lot that's apparently cared-for. Professionally trim trees, mow grass, remove weeds and perhaps plant wildflowers to show the property at its best. Visit the property weekly – or hire someone to do so – to remove windblown trash, beer cans, fire rings or anything else that might detract from its curb appeal.
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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).
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?
You should work out a budget for advertising, because it can get pretty pricey. Although it’s not mandatory, it’s a good idea to get a selection of photos of your house showing it at its best, and using these in your advertising. Make sure any advertisements include accurate details about how and when you can be contacted. If you don't want calls from agents offering their services you can include the words “no agents please” in your ads.
Comparables for land can be trickier than for home sales in your area. Although the assessor's valuation on your taxes can provide a starting point, consider factors like whether your property has utilities to the property line, views, zoning and any preapproved building plans to determine its worth. Location is always one of the most critical factors. In San Francisco's Pacific Heights area, for example, a buildable cul-de-sac lot of less than 4,000 square feet can sell for more than $9 million.
Depending on the property, you may even find that closing the transaction yourself can be faster and less cumbersome for everyone involved. If for no other reason – I've found that it's extremely helpful to have a basic working knowledge of how real estate transactions actually work. It's important to understand why title companies require what they do in a closing, which documents are an absolute must, and which documents are more discretionary in nature.

When you sell land by yourself, this is called a private sale. So, you will need to find a private buyer. It may help you to talk with local farmers if you are looking to sell raw land; farmers have all kinds of experience in purchasing land for their crops. If you are selling your land on your own without the aid of a real estate agent, this next section is for you.

Next, it’s time to advertise.  Depending somewhat on the type and location of your property, you can find a handful of free advertising sites on the web and you should employ these, preferably with a link to your web-page(s) if that’s permitted.   However, few of these free sites bring you enough traffic to help much in the absence of some uncommonly good luck.

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.


That’s why you may want to tackle the job on your own.  These days, you can set your land apart from the crowd by marketing and selling it yourself.  Since the advent of the internet, it’s easier and more effective than ever, and the phrase “for sale by owner” has a particular cachet about it that buyers seem to like.  Many buyers assume that they’ll be saving the sales commission by buying directly from the owner.  Of course, you’re probably assuming that you’re saving the sales commission by selling it yourself.  Which of you is correct depends on how adeptly you handle your sale.
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.
Interested buyers will be in touch to view your home. You can decide whether to host a show day or appointment-only viewings. If you decide to host a show day, we will send out a show day notification to our database of buyers to promote it. We can also supply show day boards for the outside of your property. Appointment only viewings pose fewer security risks and are easier to manage but would mean that your home would need to be show ready at any time.
Pricing your home correctly is crucial when putting your property on the market. A property that is badly priced will take longer to sell than one that offers fair market value. You would need to do your research and get to know the local market inside out. Buyers can ask an agent to provide a comparative market analysis – a list of similar properties sold in the area, research asking prices for similar properties on Private Property or purchase a report from a property research company like Lightstone. Once you have the information required, you can set your asking price.

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?


The memorandum of land contract is an abbreviated legal document referencing the land contract itself. This memorandum serves to put the public on notice of the buyer’s interest in the real property without the parties having to publicly disclose and record the full land contract and all of its terms, including price. Since the deed to the property is not filed until the seller receives payment in full of the purchase price indicated in the land contract, this memorandum is filed with the city and county to record the buyer’s interest in the property. The memorandum should list the address and legal description of the property as well as the names of the buyer and seller, and the date of the land contract. This document should be notarized and signed by the seller.
Hi Laura – in pretty much every case, you’ll have to at least sign the deed in front of a notary, so it’s a little strange they didn’t mention that. If they aren’t going to use a title company, that’s not necessarily a deal-killer thing, but it means they really need to understand what they’re doing, and how to get everything properly documented and closed (and if they didn’t mention the deed/notary thing, that makes me wonder).
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:

Depending on the state in which the property subject to the land contract sale exists, the buyer will want to file additional forms to gain the benefits of being the property owner, even though technically, the buyer does not have a true legal title to the property until full payment of the purchase price is made. Such forms may be a property transfer affidavit, which you may be required to file with the city assessor’s office for tax purposes, or a principle residence exemption, which gives the buyer a tax break for using the property as the buyer’s principle residence.


Bargain hunters: Of course, some buyers may find you even without a buyer’s agent. “If you have a great house, in a sought-after neighborhood, and you’re on a busy road where you’ll get a lot of visibility, then you might do fine working with only the unsigned homebuyers who discover your house on their own,” says Schorr. If you’ve got a charmer with a great kitchen in an affordable price range, they’ll find it online no matter how far off the beaten path you are.
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.
Bargain hunters: Of course, some buyers may find you even without a buyer’s agent. “If you have a great house, in a sought-after neighborhood, and you’re on a busy road where you’ll get a lot of visibility, then you might do fine working with only the unsigned homebuyers who discover your house on their own,” says Schorr. If you’ve got a charmer with a great kitchen in an affordable price range, they’ll find it online no matter how far off the beaten path you are.

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:

BuyMyHome Pty Ltd trading as buyMyplace collects your information to provide our services and may use it to provide you with information and updates that may interest you including as to our service and other related products and services. If you don’t provide your info you may not be able to access our products or services. Our Privacy Policy contains full details on how your info is used, how you may access/correct info held and our privacy complaints process.
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.
Hmm, I would think that most attorneys would want to control the recording process themselves rather than leaving it up to the buyer (because most buyers have no idea how to do this). Does the deed say that it was drafted by the buyer, or by the attorney? I’ve never heard of a rule where ONLY the buyer could record these things (maybe it works differently in Illinois, I’m not sure), but I know most recorders will only accept the original copies… so if you didn’t have the original copies (with “wet ink”), that could’ve been the issue too.
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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