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Land-by-owner sales can be intimidating if you do them for the first time. You have to ascertain who purchases undeveloped land. And what documentation is needed to sell land by owner in Utah? Selling land by owner is often driven by the desire to save expenses and retain a more significant portion of the sale proceeds. Eliminating the realtor can save money, though it may require much more work.
Some people may need help finding a realtor to list their raw land. Learn to break selling unwanted land into a few doable steps, and continue reading the blog.
Due to a robust economy and increasing migration, the Utah real estate market has experienced stable growth over the past ten years. However, submarket performance varies greatly depending on infrastructure, recreational opportunities, and regional development.
For example, remote acreage in a low-populated desert location may trade at a considerable premium to in-demand recreational land next to Park City Mountain Resort. Things like having access to town water and electricity, being close to roads and towns, and having parcel restrictions due to zoning can impact how much a piece of land costs.
Conducting research around recent sales of comparable land plots in the area is essential to value and price your property appropriately. Go through county records to determine what neighboring unoccupied land has recently sold on a price-per-acre basis. You can sell land by owner in Utah with confidence.
Before you can give the buyer the title, the paperwork required to sell a house without a realtor in Utah is vital.
The contract for sale between the buyer and seller is one of the most crucial legal agreements for selling land. A sale or purchase agreement creates a legally enforceable land agreement between two parties. This agreement outlines the conditions of the sale, including the price, the closing date, and any contingencies. To ensure all parties understand their signing, make the property sale contract plain and straightforward.
Every sale contract may include the following:
The disclosure process is crucial when you decide to sell land by owner in Utah. The disclosures list any problems with the property the seller knows about, such as zoning regulations and environmental risks. Before the deal closes, the buyer and the seller must be aware of potential problems.
Even if you’re selling vacant or unimproved land, you still need to disclose information to the buyer to help prevent responsibility. Most disclosure items will most likely have an “unknown” label. However, the revelations might highlight problems like trash, submerged tanks, or environmental problems.
The financial specifics of the transaction are stated in the settlement statement, also known as the closing statement. This covers the total amount of transferred money and any applicable taxes or fees. Thanks to the settlement statement, both the buyer and seller know all transaction fees.
A title company usually prepares the settlement statement. You can work with a title company for some services, even if you privately sell land by an owner in Utah. These consist of drafting the settlement statement and recording the deed. Additionally, they serve as an escrow agency, meaning they will move the closing money from the buyer to the seller after the deed is signed.
The legal and equitable title to natural land is transferred through the deed. To prepare this document, consult a real estate attorney, as the standards for deeds differ from state to state.
Some standard requirements are:
The buyer typically wants the deed entered into the county clerk’s file. Before the deed is recorded, a notary public verifies the seller’s signature.
Benefits of selling your land FSBO include:
Downsides of FSBO land sales to be aware of:
Overall, selling their land yourself can maximize income for people who are okay with taking on many roles. However, sellers who would instead delegate essential duties to experts might still come out on top—even after commissions—if doing so means selling at a significantly higher price point in the end.
Are you a landowner in Utah looking to sell your property? Pogar Homes can help you! We assist you with expert tips to help you navigate the challenges of selling your land by owner. You can boost your property’s value and attract serious buyers.
Utah’s competitive real estate market demands a tailored approach. Whether you’re a first-time seller or a seasoned pro, we ensure a smooth and successful transaction. Leave money on the table and get lost in the paperwork. Let Pogar Home Buyers be your trusted partner!
Selling land by owner can be a satisfying experience, provided you are organized and aware of the paperwork required. A seamless transaction depends on you having all the necessary paperwork, including the deed, settlement statement, selling contract, and disclosures. Although selling your land FSBO has several advantages, such as not paying large commissions, it’s vital to be aware of potential drawbacks. These include properly marketing your property and overseeing every facet of the transaction. Despite these obstacles, the endeavor can provide more enormous proceeds and a quicker sale if conducted systematically.
Collect the deed, title insurance, property survey, disclosure forms, tax records, and easements.
Utah state law does not mandate the use of a real estate attorney when purchasing or selling a home.
We list your home to increase its availability to potential buyers without any agent fees.
We help optimize the selling procedure with less effort and time than other selling practices.