It’s 100% safe and legal to sell land online. Stay protected and easily sell your land to someone or a company that you have never met in-person by following these 3 tips…
- Write a Purchase Agreement with a 30-day close.
- Hire a Title Company or Real Estate Attorney to oversee the transaction.
- Check that funds are held in escrow before signing closing documents.
Selling land online on your own is a great alternative to hiring a realtor. (We’ve detailed a few reasons why not to hire a realtor to sell you vacant land in this article.)
With the internet you’re able to reach many more potential buyers versus only dealing with a local buyer. This means you can sell your vacant land quicker and possibly for a higher price.
Here are 3 tips to help protect you when you sell land online:
1. Consider the Closing Date when Agreeing to Sell Land Online
The start of a real estate transaction involves a Purchase Agreement. This is a straight-forward contract that outlines the terms of the deal – price and time.
Be weary of buyers who ask for more than 30 days to purchase your vacant land.
The longer the time between signing a Purchase Agreement and committing to hand over a check gives more time for the buyer to back out. All the while, you could have been working with another buyer who’s ready to purchase ASAP.
Consider offering a lower purchase price to the buyer in exchange for a faster sale time.
2. Have a Title Company or Real Estate Attorney Handle the Transaction
Nothing in life is guaranteed, right? But, by hiring a title company or title agency (or in some states a real estate attorney), you the seller are protected. The title company (or attorney) acts as a middleman between you, the seller, and the buyer.
The title company (or attorney) is responsible for collecting the money from the buyer before you sign over your vacant land.
Once the appropriate documents have been signed, the title company is legally obligated to get you the proceeds from the sale of your vacant land.
3. Check that Funds are Held in an Escrow Account Before Signing Closing Documents
Another piece of mind in using a title company or attorney to sell your land is the ability to pick up the phone and double check that a check is waiting for you once you sign all closing docs.
Selling your land to an out-of-state buyer or a company that buys land is easier than ever before thanks to the internet.
Gone are the days where sellers can only sell their land to someone local. By insisting that a title company handles your sale of vacant land, you can comfortably sell land online.
Other things to consider when you sell land online…
Title Companies and Attorneys Charge a Fee for Their Services
Fees to have a title company or real estate attorney act as a middleman between you, the seller, and the buyer can range from a few hundred to a few thousand dollars.
Many times, a title company or attorney will require a portion of those fees to be paid upfront. This pre-payment ensures that, if the deal doesn’t go through for any reason, the title company or attorney is not left unpaid for their services.
You can negotiate with your buyer so that the buyer is responsible for paying all of the title company’s or attorney’s fees. So, if the buyer backs out for whatever reason, they are the ones covering the bill.
You Will Have to Sign Legal Documents In Front of a Notary
In order to complete a real estate transaction, the seller will need to sign a legal document known as a deed. This deed will need to be signed in the presence of a notary who can verify the legitimacy of the document.
Notaries charge a fee for their services. You can negotiate with your buyer to cover the costs of the notary.
Are your ready to sell your land online?
Click here and fill out our form. We’ll send your property’s information to 12 experienced land buyers. If these land buyers are interested in purchasing your property they will send you cash offers.