Is It Safe To Sell Your Land Online?
If you do it the right way, selling your land online is 100% safe and legal. Instead of hiring a realtor, the internet allows you to sell land online on your own. It allows you to attract buyers from anywhere, not just your local area.
The more people know about your land for sale, the faster it can sell. You’ll also get a higher price since you keep more proceeds from the sale without a commission for a real estate agent.
Selling land online can be a safe and effective option to get rid of unwanted, inherited land. To ensure you stay protected and easily sell your land hassle-free to someone you’ve never met, always ensure that:
- You hire a ‘sell my land’ or title company or real estate attorney to oversee the transaction. ‘Sell my land’ or ‘we buy land’ companies are professional land buying companies that buy undeveloped, raw land for cash. If you have land for sale, they can make the process easy and painless no matter the condition or situation.
- Write a purchase agreement with a 30-day close.
- Confirm that funds are held in escrow before you sign any closing documents.
Safety Tips on Selling Vacant Land Online
To safely sell a piece of land online, there are various things land sellers should know to stay protected and avoid heartache. Here are some fundamental tips to consider when selling vacant land online:
- Understand The Closing Date
Staying safe online comes down to how you ‘close’ the transaction, whether you meet potential buyers online or in person. Every real estate transaction officially starts with a purchase agreement.
The purchase agreement is a binding contract between land buyers and land sellers outlining the terms of the transaction or deal, including the time and price.
The closing date is when the land ownership is officially transferred from the seller to the buyer. Closing simply means completing the real estate transaction and is the phase when money and documents are transferred to transfer ownership of the property.
You should be cautious of land buyers who ask for over 30 days to purchase your vacant land. The buyer will have more time to back out when the time between signing the purchase agreement and committing to handing over the check is longer.
It can make you miss out on working with another buyer ready to purchase as soon as possible. You can consider lowering your purchase price for the buyer in exchange for a faster sale time.
- Consider A Title Company Or Real Estate Attorney
Hiring a title company or real estate attorney can guarantee the safety and protection of land sellers. Some kind of middleman handles almost all real estate transactions, and every state has its laws on the type of entity that can be a middleman.
Some states allow for a title company, while others require a real estate attorney. Both generally do the same thing, but title companies are usually less expensive than real estate attorneys.
The attorney or title company is responsible for collecting the money from the buyer before you sign over your piece of land. They’re legally obligated to get you the proceeds from the sale once the appropriate documents have been signed.
They can properly prepare the deed and other legal documents and are highly recommended to handle the transaction if you’re selling a piece of land by yourself. When selling by yourself, ensure you’re familiar with the real estate transaction process and are ready with photos or drone footage and answers to questions about zoning, market value, and restriction to your vacant land.
- Ensure An Escrow Account
Before you sign the closing documents, you need to ensure that funds are held in an escrow account. Double checking that a check is waiting for you after signing will ensure your safety and peace of mind.
Escrow means to hold something ins trust, and it involves an independent third party who holds cash for the buyer and seller and keeps all parties involved honest. Online land sales and even traditional real estate agreements can use escrow services.
The escrow manager or officer will connect signatures for paperwork and transfer documents between the land buyers and land sellers or the title company. Both the buyer and seller must sign the purchase agreement and title report, which tracks the chain of ownership for your vacant piece of land.
In typical sales agreements, the seller will sign over the grant deed to the property to the buyer during the escrow process. However, with land contract agreements, the buyer must wait until all payments are made before the ownership deed is transferred to them.
The escrow account and process provide important control when you sell your land online. They handle all the funds collected and reported as part of the purchase agreement, ensuring things are progressing as agreed by the land seller and buyer.
Either the seller, buyer, or both can pay for escrow services. Once everything is in order, and total payments are made, the seller gives the escrow company the go-ahead to transfer the land ownership to the buyer. The transfer only occurs when the buyer and seller come to escrow to sign the deed.
An attorney, title company, or financial institution can be the escrow that holds the deed and funds for the buyer and seller.
Other Considerations When Selling Land Online
Real Estate Attorneys And Title Companies Charge A Fee
Attorneys and title companies will charge a fee for their services, including acting as a middleman between you and the buyer. Such fees can range from a few hundred to a few thousand dollars.
Most times, the attorney or title company will require that a portion of the fees are paid upfront. Such prepayments ensure that the attorney or title company is not left unpaid for their services if the deal fails to go through for any reason.
You can negotiate with the buyer to cover the attorney or title company fees when selling your land. If the buyer backs out for whatever reason, they’ll be the one covering the bill. Although title companies are usually cheaper than real estate attorneys, both can be quite expensive.
You’ll Have To Notarize The Legal Documents
For the real estate transaction to be complete, you’ll need to sign a legal document known as the deed. Such deeds must be signed in the presence of a notary who verifies the document’s legitimacy.
Notaries also charge fees for their services, and you can also negotiate with the buyer to cover such costs. Notaries can also act as middlemen in smaller size deals. The buyer can send a check to the notary, then the notary physically meets the seller, signs the deed and has it notarized, and hands the check to the seller.
You May Have To Make A For Sale By Owner (FSBO) Listing
Making a for sale by owner (FSBO) listing involves submitting your property’s information on real estate websites. When you make an FSBO listing, you’ll not be enlisting the services of a broker or real estate agent, and it can help you avoid paying a commission or fees for their services.
In an FSBO transaction, you’ll be responsible for:
- Researching to determine the appropriate value of your land, which can involve looking at property values in your neighborhood.
- Managing marketing like online advertising and listing.
- Negotiating the sale terms and price when potential buyers make an offer.
- Preparing the legal documents like the sales contract, property disclosure form, permits, property tax bills, title, zoning, and coding restrictions.
- Preparing the deed and ensuring it’s witnessed, signed, and notarized.
- Depending on the state, closing the deal can occur in a real estate attorney’s or title company’s office.
- Purchase agreements in FSBO deals can be drawn up in various ways. Some sellers use fillable pdfs on the internet, while others find local real estate attorneys to write up and review the contracts. The buyer’s agent draws up the contracts in most cases.
Best Place to Sell Land Property Fast Online
The best place to sell land fast online is at REI Land Leaders. If you’ve had difficulties locating a buyer, we can ease your burden by exposing your land to a global audience and presenting it in a better way than you could by yourself.
You’ll get a guaranteed all-cash offer on your piece of land regardless of its condition. We pay in cash for all kinds of acreage from landowners across the nation who’ve inherited unwanted land, are behind on tax payments, owe liens, can’t sell, or have unattractive vacant land in the middle of nowhere.
Our offers are fast and come with no obligation. You’ll not face any risk or hassles, and it’s up to you to decide whether to sell. The best part is that there are no fees or commissions, and we’ll pay all the closing costs. You only need to fill out a short online form to submit your property information and start the sale process.
Visit REI Land Leaders for more information to sell your land for quick cash!