Selling land can be a complex process, requiring thorough preparation to ensure a smooth transaction. Here’s a comprehensive checklist to help you navigate the process and prepare your land for sale.
11 Steps to Get Your Land Ready to Sell
To sell your land efficiently and effectively, follow these 11 essential steps:
Locate the Deed
To begin selling your land, you have to find the deed, which is the proof of ownership of the property. This deed will contain some essential information about the property, and it is very useful in the process of selling the property. If you cannot locate your deed, then you can get one from the county recorder’s office or the offices that keep property records in your area.
Determine Who Can Legally Sell the Land
It is crucial to establish who is legally authorized to sell the property before moving ahead with the sale process. The right to sell it is yours if it is your property exclusively. Nevertheless, you may have to seek permission from each party if it is jointly owned. Additionally, suppose the land belongs to a family or a trust. In that case, the land owner should obtain the consent of the executor, where a deceased person is recorded as the owner or the trustee in the event of a trust. Proper attention to detail when dealing with land disposal will help avoid future legal issues.
Find the Address or Parcel Number
Next, you need to find the address or parcel number of the property. The parcel number is a unique identifier assigned by the local tax assessor’s office and is essential for identifying the property in public records. If the property doesn’t have a street address, the parcel number will be crucial. This information is typically available on property tax statements or through the local tax assessor’s office.
Find the Legal Description
The legal description of the property is a detailed written account that describes the boundaries and location of the land. It is typically included in the deed. The legal description is important because it defines the exact parameters of the property being sold. If the legal description is unclear or missing, it may lead to disputes during the sale process. Ensure that you have a clear and accurate legal description before proceeding.
Order a Survey
A survey is a professional evaluation that defines the borders and characteristics of your land. Doing this will enable you to know exactly what you are selling and avoid conflicts with buyers on where their land ends. This will involve marking out boundaries and finding out encroachments or easements that might affect the property line. A buyer may need an updated survey before finalizing any sale, therefore making it easy for both parties involved in the deal.
Check if Property Tax is Owed
Make sure to investigate if there are any land tax dues left out before disposing of yours. The unwarranted property fees can turn into a claim and thus must necessarily be discharged so that the selling process goes on smoothly. To know whether your property has been subject to any local taxes, you should contact the local office in charge of property assessment. In case of such fees, make an arrangement to settle them before the sale is delayed.
Check What Utilities Are Available
To succeed as sellers, one very important thing is knowing the amenities or tools that exist in a place where they want to buy. Find out whether there is a water, electricity, gas, or even internet connection within the land you intend to own one day. Without utilities, it might limit how much money this land can be sold for since people prefer buying a property that has these basic amenities, such as water supply systems, among others. Therefore, telling potential buyers about these essential services here now before anything else will make sure they are not surprised later on while going through their minds’ deciding points.
Check the Current Zoning
How you can use your land is determined by where your property is situated, whether it is residential, commercial, industrial, or for any other use. If you comprehend the existing zoning laws, you can sell the land to its target audience. Talk to your town’s zoning office or planning board for zoning details. You could want to apply for a zoning variance if it would increase the attractiveness of buyers to the site.
Review Any Deed Restrictions
Deed restrictions, which are commonly referred to as covenants, conditions, and restrictions (CC&Rs), are regulations that control the usage of the land. They could serve as limiting forces on the construction that can be put up on the ground, approaches to making use of the land, and other significant details. Thus, you should check every deed restriction in order to know how they affect the property being purchased or would-be purchasers. This is because, without this piece of information, buyers are likely not to see the full picture of what they are buying, hence encountering legal problems later.
List What is Being Conveyed with the Land
When selling land, it’s important to clearly list what is being conveyed with the property. This includes any structures, fixtures, and natural resources such as timber or minerals. Specify if there are any easements, rights-of-way, or other encumbrances that come with the property. Providing a comprehensive list of what is included in the sale can help avoid misunderstandings and ensure a smoother transaction.
Find the Property’s Value
Finally, determine the fair market value of your property. The property’s value will depend on various factors, including its location, size, condition, and current market trends. You can hire a professional appraiser to get an accurate valuation or consult real estate agents who specialize in land sales. Understanding the property’s value will help you set a competitive price and attract serious buyers.
Conclusion
Selling land requires careful preparation and attention to detail. By following this checklist and completing each step thoroughly, you can ensure a smooth and successful sale process. Whether you’re selling a large plot of rural land or a small urban lot, taking the time to get your property ready for sale will pay off in the long run. Good luck!