Wondering what documents you need to sell the land? However, do not know how to do the paperwork for selling land by owner?
Yes, selling land all by yourself might be hard. All that paperwork can feel like monsters forcefully guarding your land. We understand your pain.
Don’t worry. We are here to help you with information related to paperwork for land for sale by the owner. This blog will guide you through the basic steps of the paperwork to sell your land.
So, let’s dive into the paperwork for vacant land and sell like a champ!
What Documents are Essential to Sell Land by Owner?
Finally, you’ve decided to sell your land independently. Congratulations! Selling land for cash involves necessary paperwork, which is an empowering and straightforward process. It will help you to build financial stability in your life. Now, let’s go through the breakdown to get a clear idea-
Map of Your Land
Imagine you find a treasure map that shows the border of the lands instead of gold. The map of your land helps you to find potential buyers. They will see how big and fruitful your land is with all the attractive features.
Land Title of Property
It is the certificate that the land belongs to you. This is one of the necessary documents mentioning the ownership of the land straightforwardly. Having this paper will show the buyers of the specific and rightful owner of the land.
Property Tax Bill
The Property Tax Bill helps you to figure out the fair division of the tax burden. This is the road map to understand the financial obligation associated with the land. It draws up the annual tax of the land determined by the local county. Therefore, the information regarding the payments of tax bills is important for the buyers.
Report of the Land Value
The report of the land value determines the worth of your property. This report contains the location and size of your property. Based on that, the report provides an estimation of your land’s worth.
List of the Land’s Assets
This is the list of what is coming with your land. It can be buildings, tractors, space for a pool, or trees. These assets can be beneficial for increasing the value of the land. Also, the buyers can gain profit out of it as well.
Additional Land Documents
Now, you’ve got an idea about what are the primary things you need to complete sell your land. However, some additional information about land documents is needed to sell the land by yourself.
A Binding Contract
The binding contract is the formal handshake between two parties (you and the buyer). In other words, it is addressed as a ‘Sales Agreement’. ’This shows both parties have managed to come to a common ground.
This agreement gives you an outline of the agreement based on the terms of the sale. It also involves the necessary details like purchase date, closing date, and specific conditions added by any of the parties. For instance, the binding contract will specify that the sale is contingent upon the buyer securing financing. It’s important to ensure clarity and mutual agreement on all of the conditions.
Disclosures
Between you and the buyer, these disclosures are considered a commitment to transparency. Disclosures serve as a platform where any known limitations or issues regarding the land will be revealed clearly.
This encompasses the zoning restrictions, the presence of underground utilities, and environmental concerns. One needs to reveal these disclosures to gain good faith, even if the land is vacant. This will help both parties to ignore any type of misunderstanding down the line.
Closing Statement
The closing statement is the detailed receipt for the sale of your land. It demonstrates the exact flow of funds. A closing statement also includes the purchase price, applicable taxes, and fees associated with the transaction, if any.
Closing Statements ensure a straightforward understanding of the finalized financial statement.
Deed of Transferring Ownership
The deed of transferring ownership is the cornerstone of the whole process. This legal document is the hard evidence of transferring ownership to the buyer. To get the document, you must seek professional assistance.
Professional help from a title company or a lawyer will ensure you the righteous execution of the deed. It will also monitor and safeguard if the transfer of ownership happens smoothly.
Conclusion
Now, we have come to an end. So far, we have discussed the procedures on how to do paperwork for selling land by owner. I hope this blog has successfully guided you through the process.
However, sometimes it gets hectic to follow and remember all the steps on your own. In this case, you can get help from Super Land Buyers. Now, go forward with confidence and sell your land successfully.
FAQ:
What Paperwork Do I Need to Sell My House Myself?
Several documents can ensure a smooth transfer of ownership. Some of them are-
- Sales Agreement for outlining the price, closing date, and other contingencies.
- Disclosures for the known issues associated with the land.
- Deed for transferring the ownership of the land to the buyer.
- Property Tax Bill for annual property taxes
- Survey Map for presenting the boundary of the land
- Real Estate Appraisal for calculating the market value of the land.
Can I Sell Part of My Land to My Neighbor?
Yes, you can sell a portion of your land to your neighbors. In this case, you need to go through the mentioned process-
- Land Survey to define the new lines of the property.
- Take legal description updates to reflect the land division.
- Deed modification to transfer the ownership for that certain part of the land.
Where Can I List My House for Sale by Owner for Free?
Various platforms are allowing free FSBO listings where you can sell your house for free.
- Craigslist
- Social Media like Facebook (Marketplace or Local groups), and
- Websites like Zillow and FSBO.com
These platforms will help you to sell your property by owner online.
How to Buy and Sell Land Without a Realtor?
To buy and sell your property without a realtor you need to certain procedures. You need to study about the comparable sales and market value of your land. Based on the value, you can utilize platforms like FSBO.com and prepare for the paperwork. Also, negotiate effectively with the potential buyers.
How to Find Land for Sale by Owner?
You can find lands on platforms like-
- FSBO websites
- Land Search Engines
- ‘For Sale’ signs on desired locations
Who Draws Up a Contract for Sale by the Owner?
A proper legal contract for sale by the owner is done by a real estate lawyer. You should consider consulting a lawyer to ensure the paperwork protects your interests.
