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.
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.                    
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).
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.
Seth, I hope I’m not pestering with too many questions. Your web site has been invaluable. It’s probably covered on your web site, but I may have missed it: In a purchase transaction where we are closing the deal ourselves with a Notary, when do we mail the seller their cashier’s check. After the County returns your stamped documents? Supposing the seller is uncertain. What would you think of (A) leaving the cashiers check with the Notary to mail directly to the seller upon recording of the transaction or (B) including something in the packet we mail to the effect of “transaction will be voided if seller does not receive payment in the agreed upon amount of _________________ within two weeks of recording”. I like the idea of including a copy of the cashiers check. Or is this just too much of me worrying over nothing?
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.
Schedule and conduct inspections with qualified buyers. Learn how to separate the “lookers” from qualified buyers. Ask for names and phone numbers and be sure to follow up with telephone calls. Be prepared to negotiate with the buyer(s) as an impartial third party. Remain calm and refrain from any emotional outbursts that might spoil a sale or jeopardise your sale price.
Demand a Title Insurance Policy. Title searches of the public records will also show liens or judgments filed against a buyer. The title company will likely ask for satisfaction of those encumbrances before it will insure the land contract on a title policy. Ask to see a copy of the preliminary title report (or commitment for title insurance) to determine if a search reveals anything about the buyer.
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.
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.
The first obligation of a vendor to the purchaser is to make sure they can provide clear title to the purchaser, in other words, ensure your property can be freed of any encumbrances or orders or conditions at settlement so that the purchaser has clear title to the property.  Your lawyer or conveyancer can assist you with this but the obligation is on you so make sure these matters are worked out before you start signing contracts.
Agents are generally pretty good at protecting their clients’ position.  They also have a vested interest in ensuring that settlement proceeds without delay so that they can get paid their commission.  Without an agent, and in particular without a lawyer or conveyancer involved in the negotiation process, vendors and purchasers can sometimes commit to terms and conditions that are unworkable, ill-advised and even unlawful.   For example, vendor finance clauses, rent-to-buy conditions, options and the like are very complicated even for seasoned investors.  Getting conveyancing and in particular legal advice and assistance is the key.

Sellers have a choice between using an estate agent to market their property or selling privately. There are benefits to using both and it is up to the buyer to decide which option to take. Selling privately has an obvious cost benefit and puts you in control of the selling process. You get to decide who to show the property to and when to allow buyers access to your home. You, as the seller, also have intimate knowledge about the home’s history and the area, and will be able to add value to the buyer. Sellers should however have some knowledge of the property market and decent negotiation skills if they decide to go down this route. .


Advertise your property is for sale. Be sure to include location, price, dimensions and any other information that could add value to the land. For example, if your land has a lake view or beach access, it is important to mention that on the listing as well. Advertising mediums such as newspapers, television, signage or the Internet can be used to promote the sale of your 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.
An attorney’s office or a title company can prepare closing documents for a land contract sale, but only the parties themselves or an attorney can prepare the actual land contract document and land contract memorandum. It is important to keep copies of all documents involved in closing on a land contract to verify required filings are performed and to protect each party’s interests in the sale.

Things get tricky if the listing agreement confers an exclusive right to sell. This means the real estate agent has the sole right to sell the property. All offers must go through him or her, and for any sale, you're obligated to pay the agent the commission spelled out in the contract, according to Marc D. Markel, a board-certified Texas attorney in residential and commercial real estate law. Agents rely on these exclusive listing agreements to avoid putting in what can be months of free work without seeing a payoff. For this reason, the agreement outlines the many ways an agent earns a commission, including what happens if the seller breaches the exclusive agreement.
The buyer may want to pay to have a policy of title insurance issued on the property subject to the land contract. The buyer can hire a title agency to run a land record search and discover any potential interests attached to the property that may interfere with buyer obtaining a clean title from seller. The parties may agree to split this cost in the land contract agreement.
Some people prefer to cut out the middleman when selling property, which means selling land without a Realtor. If you go the for sale by owner, or FSBO, route, you don’t have to pay a commission to an agent. The drawback is that you’re likely to sell for less than you would at auction, and it might take considerably longer for the sale to go through. You also have to manage all the advertising, negotiations and paperwork yourself!
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).
When you're buying a property for just a few hundred bucks (which is how most of my deals work) and you're already on a tight budget to begin with, it can be difficult to justify paying twice the amount of your purchase price just to close the darn thing. If you're in a situation where you need to act fast, acquire a property inexpensively and make the closing as easy as possible, closing it yourself may be the most advantageous way to move forward.
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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.
In terms of paying off the mortgage, you’d have to work directly with the lender to make sure they get paid and that they discharge their mortgage. If you’re unsure about how the process works, then honestly – it probably is best to just work with a title company. It may cost a few hundred dollars more – but for a property like what you’re describing, that’s what I would be doing anyway (I use title companies for anything in excess of $10K). They will take all the guesswork out of this process and make it WAY easier to get the job done.

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.
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.
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.
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