Whether you’re looking to buy or sell land, you have a lot of decisions to make. Here are some tips to help you make the best choice for your situation.

Location

The location of your land can impact its value and ease of sale. For example, it’s easier to sell a vacant lot in a subdivision than an undeveloped plot of land. Similarly, if you’re selling farmland, consider locations that are close to food markets or agricultural suppliers.

Condition

Before you put your land on the market, make sure it’s ready for viewing. This includes making any necessary repairs and staging the property for photos or open houses. You may also want to get a property survey to ensure there are no boundary disputes that could derail the sale.

Pricing

Setting an appropriate price is essential to getting the most money out of your sale. Overpricing will turn off potential buyers and cause your property to linger on the market for an extended period. On the other hand, underpricing can result in multiple offers and a bidding war that drives the final sale price above your expectations.

Marketing

In addition to traditional advertising methods, consider leveraging FSBO (for sale by owner) websites to promote your land. These sites can provide a cost-effective way to reach a large audience of prospective buyers. However, be prepared to screen inquiries carefully and answer questions thoroughly to avoid wasting your time with unqualified leads.

Closing costs

The closing costs associated with the purchase of your land can vary, but are typically comprised of title insurance, recording fees, escrow fees, and lender charges. You may be able to negotiate with the buyer to have some or all of these costs covered by the seller.

Closing dates

The final step in selling your land is completing the sale and transferring ownership of the property to the buyer. Your real estate agent can assist you in navigating this process by handling all of the paperwork and ensuring the transfer of titles goes smoothly.

Legal issues

There are a variety of legal issues that can impact the sale of your land, including the status of any permits, zoning restrictions, and environmental concerns. It’s a good idea to have an attorney who specializes in real estate law review your property’s title before you put it on the market. This will give you peace of mind that there are no liens or other encumbrances that could delay or derail the sale. In addition, your attorney can advise you on any steps you need to take to prepare for the closing of the sale.