If all else fails, and you're still not happy, check to see if your contract has a cancellation clause. Depending on the situation, some agents may agree to nullify the contract, although they may charge you an early cancellation fee, says Realtor® David Welch, with RE/MAX 200 Realty in Winter Park, FL. If an agent won't release you from a contract, try speaking with a lawyer about breaking it. And remember, all listing agreements eventually expire, within three months to a year.
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.

In recent years, however, a combination of extremely low interest rates on savings accounts coupled with fluctuations in the stock market have helped to increase interest in the purchase of land as part of an investment strategy. These conditions may seem negative, but they can be good news for land owners. If you currently own vacant property that you would like to sell, the following tips are designed to help you get your land noticed by more buyers, increase your chances of getting a great offer and move on to a successful sale.
Buildings: This chapter is intended to address land-only sales.  Obviously, if your land has buildings on it, those can add significantly to the value.  If the buildings are of any value, that is, a livable house or a barn or shed in good repair, this may be harder for you to estimate or to compare with others.  About the best you can hope to do is to compare the number of rooms/bedrooms, the square footage, the general condition, and overall appearance.  If the buildings are of marginal value, give them appropriate ranking, however as advice to a potential seller of real estate (I’d tell a potential buyer something else) don’t discount that shack or hovel too severely.  A lot of buyers seem to feel somehow assured if there’s a structure of any kind on a property.   Maybe it seems less intimidating than starting with empty woods.  So if it doesn’t leak too badly, and isn’t going to fall down in the next few years, you may consider bumping the price up a few thousand dollars, or leaving it where it is so that the building provides another inducement to buy.
I have this document available for members of the REtipster Club to download for free, but it’s not something you can get here on the blog (because it’s pretty specific to land transactions, and I wouldn’t want people trying to use it for selling houses or other types of real estate, because it’s not really intended for that). Does that make sense?

The first thing you must do when you have signed a contract to buy a property, especially where there are professionals involved in representing the interests of either party, is to lodge a caveat to protect your interest in the property until settlement.  A caveat will stop the vendor from selling to someone else or encumbering the property without notice to you.

We are buying a home (FSBO) with cash from a friend, and want to avoid ridiculous closing costs. The seller is in Chapter 13 bankruptcy and the bankruptcy court has lifted the “stay” that had protected the house from foreclosure. We have contacted her bank (mortgage holder) and informed them we want to buy the house, and they have provided us with the payoff number. Does this package tell me everything I need to do to close this deal myself?
Hi Walt – certainly. The delinquent tax list could be a solid way to get started. I typically look for land deals when I’m wholesaling, whereas most wholesalers are doing land… so that would be one key difference in the types of deals I look for (mainly because land is a much simpler type of property to work with – even though there may be fewer buyers for this type of property).

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.
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.
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You may also want a lawyer to produce and review contract documents; some states actually require you to hire one. Although you can find much of the paperwork online, Schorr says, “you need to tailor it to your deal — and the way you fill it out is just as important as what the boilerplate language says.” You’ll probably pay $1,000 to $3,000, depending on the cost of living in your area, but you’ll get an experienced pro who’s in your corner and can make sure the deal gets done right.
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, after the buyer makes his sixth payment, I give him title to the property, that is I make and record a Warranty Deed to him, and hold a Promissory Note and Deed of Trust in return as security.  Finally, as boiler-plate, I have the buyer sign a Quit-claim Deed back to me which is annotated to only be recorded in the event of a default.  This, in one stroke lowers my foreclosure costs from around $1,500 to hire an attorney to perform a trustee’s sale, down to about $27 to record the Quit-claim Deed.  Since I create all the contracts and deeds myself from standard forms, I save immensely on attorney’s fees.  Using this technique, I am prepared both for the long-term sale as well as, should it be necessary, a fast and easy foreclosure.
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.

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.
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