Sell your vacant land – safely and legally – in just a few days by following these four steps…
- Get clear title (now)
- Find a land buyer
- Secure a non-refundable deposit
- Close with an attorney or title company
1. Get Clear Title
So, you’ve decided it’s time to sell that piece of vacant land…and you want to do it fast.
A smart first step is to get ‘clear title.’
‘Clear title’ is real estate lingo for a guarantee of sorts that you are the clear, legal owner of the property and have legal right to sell it. This process is done by a title company or attorney.
In a traditional real estate transaction, obtaining ‘clear title’ is typically done once you have signed an agreement with a prospective buyer.
But, why wait?
The title search process can take weeks. And, if you already have decided you want to sell your land fast, you can hire someone to do the title search while you are marketing your land.
Title searches can be purchased for $150-$300….and as mentioned above…this process can take a few days up to a few weeks.
A title search will uncover...
- Are there any issues or uncertainties with selling the land?
- Who has the legitimate right to sell this piece of property?
- Will other family members need to sign documents in order to sell the land?
- Are there any documents that will be needed such as death certificates, probate records or corporate documents?
- Can the purchase of this property be guaranteed with title insurance?
If your selling your vacant land for say…$5,000 or more…most buyers will require title insurance.
There’s no reason why to wait until you have found your buyer in order to get the process started.
How to start the title search process…
- Find out if your property is in an ‘attorney state’ or a ‘title company state’ – find your state here
- Call a few attorneys or title companies (depending on the state) to get a quote
- Work to know who needs to sign legal documents in order to sell the property
2. Find a Land Buyer
You could stick a For Sale sign out in front of your property and hope the right person drives by.
You could advertise your land online and get a bunch of phone calls from ‘tire kickers.’
But, the fastest way to sell land is working directly with an experienced, professional land buyer.
A professional land buyer…
- Has the funds to buy your land today
- Doesn’t need to see your property in order to buy it
- Is familiar with real estate transactions
- Typically won’t require a survey or other due diligence
- Is able to their own research – this helps if you don’t know much about the property
3. Secure a (large) Non-Refundable Deposit
Another tip to sell your land fast is to negotiate with your buyer for a hefty deposit.
Having your buyer ‘back out’ at the last minute isn’t exactly the fastest way to sell land.
Anticipate a few days for the attorney or title company to draft up the legal documents for you and the buyer to sign. During this time things could change for your buyer. The deal isn’t done until it’s done.
Negotiate for a non-refundable earnest money deposit to be placed before committing to sell land. If, for whatever reason, the buyer doesn’t complete the purchase you would keep the deposit.
The higher the deposit amount the more incentive the buyer has to complete the purchase.
Customary deposit amounts vary from state to state. For example, in Texas, it’s customary for the buyer to place a deposit of 1% of the purchase price.
However, there’s no reason why you and your buyer couldn’t agree to place 20%, 50% or even 100% of the purchase price as a non-refundable deposit.
The buyer’s deposit should be held ‘in escrow’ with the title company or attorney you are using to handle the transaction.
This may need to go without saying…but…you (or someone) will need to sign legal documents in order to sell the property.
These documents are typically prepare by an attorney or title company and almost always need to signed in the presence of a notary.
Arranging time with a notary can be tricky for those who are out of the country or actively traveling.
And lastly…the transaction isn’t ‘closed’ until the attorney or title company has physically received your signed and notarized legal documents.
Really…the fastest way to sell your land is to offer a great price.
There’s the saying…”time is money.”
Are you willing to sacrifice money in order to gain time?
Perhaps there’s an unforeseen situation that has popped up and the proceeds from the sale of your vacant land could really help.
It could take 60, 100, 120+ days to sell your land the ‘traditional’ way. For some folks…that’s too long.
Find out how much you could get for your vacant land. Fill out our form and get cash offers to sell your land fast.