Selling your land on your own is an attractive option. You avoid paying a commission to a real estate agent and avoid competing with other land listings the agent has. However, selling by yourself requires a bit of research and work on your part. Also, you need to know the documents you must prepare to complete the sale. These documents include the following:
Real Estate Purchase Agreement
This purchase agreement is a contract between you and the buyer. It outlines the details of the sale transaction. The buyer will propose the contact’s conditions including their offer price, which you may agree to, reject, or negotiate. The information included in the agreement includes buyer and seller information, property details, pricing and financing, closing costs, conditions under which the contort can be terminated, and conditions that should be met for the sale to go through.
Settlement Statement/Closing Disclosure Document
A closing statement must be prepared to show an accounting of the debits and credits to you and the buyer as part of the land contract transaction. You can have a lawyer prepare this document for you. Also, the document may contain an amortization schedule that shows the projected payments to be made by the buyer to fulfill the land contract’s financial obligation.
The Deed
You will draft and sign a deed to transfer the legal title of the property from you to the buyer. This document will be held in escrow until the buyer makes the final payment on the land contract. Once paid, the deed will be filed with the county clerk and other relevant government agencies.
If you’d like assistance organizing these documents, reach out to a land investor at checklands.com and they can provide guidance.
The list of documents needed for selling a piece of land on the open market can be overwhelming, especially as you also follow some regulations and rules. There are a lot of things you should do to prepare the land, market it, and look for a possible buyer who is willing to meet you at your price. But, you can skip all the hassles by selling the vacant land directly to a land investor at checklands.com. You just need to reach out and let them know about the property you want to sell. Then, they will evaluate your land and make you a fair cash offer without obligation.