If you have decided to sell your land, there are a few things you should keep in mind. Selling land is not the same as selling homes, and there are a variety of different factors that you need to consider, from your mortgage status to local zoning laws. Thankfully, there are a few steps you can take to make the process as straightforward and stress-free as possible.
The first step is determining whether you are ready to sell. You will need to assess your motivations and decide if you want to sell for a profit or simply get rid of the property. It is also important to determine how much you will expect to get for your land and compare this with comparable properties in the area.
A real estate agent who specializes in lots and I want to sell my land will be able to help you with the selling process. They can advise you on market trends and help you set a price that is competitive. In addition, a specialist will know the best time to sell your land based on seasonality and other regional factors.
Once you’ve hired a real estate professional, they will prepare the sale documents and handle the closing process. This can be complicated, especially when there are multiple parties involved in the transaction. It is essential to have a skilled attorney review these documents to ensure that they are accurate and protect your interests.
If you are selling your land FSBO, you will need to prepare a sales agreement and include all the relevant information about the lot or acreage. This will include a legal description, map and any existing assessments. It is also a good idea to list any permits, approvals or inspections that you have completed that add value for buyers. Finally, be sure to highlight development possibilities based on zoning, water access and surrounding uses.
Another key thing to remember when selling land is that you will likely need to disclose that the seller owes a mortgage on the property. This may deter some potential buyers, but it is a necessary step in order to close the sale. In most cases, the mortgage will need to be paid off in order for you to transfer ownership of the property to the buyer.
While it is tempting to save money by selling your land FSBO, you will probably need to hire an attorney to prepare the legal documents and close the sale. In addition, you will need to pay the buyer’s agent commission, which is typically 2.5% to 3% of the sales price.
If you’re ready to sell your land, the experienced professionals at SVN | Saunders Ralston Dantzler can guide you through the process and help you achieve your goals. Contact us today to schedule an appointment. We look forward to hearing from you!