Now, when you get into the more expensive properties, as a general rule – it’s usually safer to work through a title company on those (and it’s easier to justify the costs too), and in those cases, you may not have a choice but to do a quiet title action, because the deal won’t close without this extra step. But again, since there will most likely be more profit baked into these larger deals, it may be easier to justify these costs.
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.
Writing a legally enforceable contract for sale with your buyer means spelling out any contingencies like the buyer obtaining financing if needed and doing due diligence to ensure the property suits intended needs. Look online to review real estate land contracts for your state to ensure that you don't overlook crucial factors. Processing the sale through an escrow at a title company will ensure that there are no liens or other claims to the deed that could cause problems down the road. Title companies also make sure that all legal details are in order, all documents are properly prepared and signed and the deed is officially recorded.
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.
Thanks for the quick response. When I took the documents, generated by the attorney, to the county recorder, they did not look at them. The attorney had explained to the buyer at the closing the significance of recording the deed, joking it would prevent me from reselling the property. In hindsight, the attorney was about to leave on a cruise, so he may have rushed through this transaction. I will contact the attorney for his assistance. Thank you again.
Thinking of selling your land? Whether youre working with a real estate agent or selling your property on your own, there are certain documents that youll need in order to close the deal. While requirements may vary depending on your state, there are a few general documents that youll need in order to legally transfer your property to the buyer.
Closing your own real estate deal doesn't have to be difficult. When I am buying or selling a property with a cash sale (most of my deals are cash transactions these days), it's just a matter of taking the time to ensure that all the documents are completed with the correct information, signed by all appropriate parties and then sent to the appropriate places for recording (the deed should be sent to the county for recording and the supporting documentation should be sent to the local city, township or municipality office for their records).
If the buyer has secured financing or is planning on paying with cash, a contract for sale will be necessary. This contract will specify the terms of the sale and may also specify other documents required before transferring the deed. This may include the financial documents that are necessary to secure financing. The contract may also indicate that title insurance will be provided. In this case, the title company may be involved in the transaction.
Access: While few in number, there are still some properties that don’t have legal access – that is, a deeded access-easement, or frontage on a public road. This is what is known as “landlocked” property, and it is of considerably less value. If you see an extremely low-priced piece of land for sale, it may be a bargain, or it may just not have legal access. Curing this can be fairly simple, but don’t count on it. If it were an easy matter, it would likely already have been fixed. In most cases, legal access will require a deed from the neighbor whose land you’re crossing, and folks tend not to like to sign deeds unless they get something of significant value in return.
If you own a piece of land that you’re thinking about selling, you need to know how to sell your land the proper way and at the proper time in order to maximize your ROI. Land is one of the most significant investments that you can make in your lifetime. So, if you are thinking about selling your land, you need to be absolutely sure about your decision.
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.
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.”
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.
Each approach has it’s pros and cons – and it does take more hassle to close it yourself rather than using a title company or closing attorney… so these are definitely things to keep in mind if you decide to go this route. You’ll definitely save money by doing an in-house closing, but it’s also a bit more complicated and time-consuming to handle everything yourself.
If you have created a land contract, youll also need a memorandum of land contract. This is, essentially, an abbreviated legal document that references the main contract created. This simply serves as a public notice that the buyer is interested in the property without you and the buyer having to disclose and record the entire land contract. Because the deed of the property will not be filed until youve received full payment on the purchase price indicated in the contract, this memorandum will be filed with the county and the city to serve as a record that the buyer is interested in the property.
We can get you onto Realestate.com.au with the Biggest Photos & Ad (by listing on our "Premiere Ad" package), Domain and other real estate sites. Sell My Property Now is a real estate agent licensed Australia wide that assists the private property seller, also known as a 'for sale by owner', to sell their home privately for just $558 with our 'Classic' package and pay no commission on your property sale. Selling your house privately has never been easier to do as a private seller.
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.
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.
1. The Road: The better the condition of the access road, the better impression your property will make. If your land is three miles of bad county-road away from pavement, then I wouldn’t waste a lot of money making the access from the county road any better than the county road itself, but remember that you can do quite a bit to civilize a dirt driveway with a tractor and blade. If you don’t have too much length to cover, there’s no substitute for a layer of 1” crushed rock (or larger rock in deep mud-holes). One layer of 1” rock one lane wide will cost you about 75¢ per foot around my neighborhood. Needless to say, if the property is on a road maintained by the county, or some other local government entity, and if this road has any work that needs to be done, this is an excellent time to complain politely about it to the wonderful folks on the Road Board. Most counties grade their roads once or twice a year, but some roads that don’t get much traffic may be neglected if no-one complains.
One way you can do this is by using a third party escrow service like SafeFunds.com (I’ve never used them, but I know some who have and I’ve heard it works well). You could also give the cashier’s check to your mobile notary (if you’re using one) and they can deliver it to the seller after they’ve completed their documents. You could also just make a copy of the cashier’s check (to give the seller evidence that you have the money and it’s ready to go), and send this to them along with their docs to complete… and then you could mail it to them AFTER you receive everything from them.
So your home is for sale, and you've signed a contract with a real estate agent, but you were actually able to nab a buyer through your own efforts. Maybe it was through word of mouth or your aggressive push on Facebook (you should really apologize to your friends for posting so many pictures of your house!), but someone is writing you an offer and really wants to buy your house. Having found a buyer on your own, are you still legally obligated to pay real estate fees or commission? Here's how to know if you're on the hook.
I had a question related to buying land lots from over the counter tax deeds (stuff people didn’t buy from tax deed auctions), which I know isn’t what you mainly focus on here going after owners BEFORE the tax auction (but I have nothing for a marketing budget now). As I understand it, if you buy land tax deeds over the counter, the county gives you a quitclaim deed. We are probably going to be getting quitclaim deeds anyway from many customers we buy land from as well, so I guess there is some relevance to this question.
If you have plenty of time and are not in a hurry to sell the property, and would like to do very little work I would suggest listing it with a broker. They will be able to create a listing for the property, answer phone call and emails, and handle the closing. The downside of this approach is comes at a price and you typically only get local exposure and most real estate agents who deal with both land and homes will most likely put more effort into selling their homes as the commissions are greater.