Can I sell my land without a Realtor?
Absolutely! It’s 100% safe and legal to sell land without a realtor. Stay protected and follow these simple steps:
- Sign a purchase agreement that includes the sale price and closing date.
- Use a NC Real Estate Attorney to facilitate the transaction
- Check that funds are received and held in escrow (by the attorney) before signing your closing documents.
Selling land yourself can be an easy and great alternative to hiring a realtor. Plus, you could save yourself the agent commissions (typically a lot more for land… 8-10%!). Especially if you already have a buyer… there is absolutely no need to get an agent involved.
Follow these 3 tips for a smooth and safe transaction:
1. Review your purchase agreement for accurate sales price and reasonable closing date.
To get started with a real estate transaction, both parties need to sign a purchase agreement. This is a straightforward contract that outlines the terms of the sale. Make sure your purchase price is clearly included and a closing date is reasonable. Most land sales can typically be closed in 2-6 weeks. You may want to consider a lower purchase price in exchange for a faster closing date.
2. Use an NC Real Estate Attorney to Facilitate the Transaction.
If you want to legally sell your North Carolina property, you must use a real estate attorney to oversee the transaction. Don’t fret! These attorneys handle real estate transactions ALL the time and the process does NOT have to be complicated.
The attorney acts as the middleman between you (the seller) and the buyer. They are responsible for collecting the money from the buyer before you sign over your vacant land, they also make sure all the right documents are completed. (I’ve detailed all the closing steps in this article here)
3. Double check that the closing funds are received and being held by the closing attorney before you sign and send back your documents.
If you want to be extra sure–give the closing attorney’s office a quick call to confirm the seller has submitted their funds for your land. Once you know your money is waiting for you; sign your docs and return them to the attorney. This ensures a 100% safe transaction. The attorney is legally obligated to get you the proceeds from the sale of your land!
Gone are the days where you have to meet in the office to complete a real estate transaction. In office appointments are still available, but know that if a NC real estate attorney is handling the transaction everything can be done remotely. No worries if you don’t live in the same place as the attorney or your land!
A Few Other Notes:
You will need to sign your to closing documents in front of a notary.
To finalize your transaction, the seller will need to sign the deed to their property and sometimes additional documents in the presence of a notary who verifies the identity of the seller. Notaries are available at various locations including your local UPS store.
Attorney’s Charge a Fee to Handle the Transaction
The typical cost for an attorney to handle a land real estate transaction is around a thousand dollars. But knowing it is done legally and accurately is 100% worth it (and its required). You can use this as a negotiation tactic with your buyer-if your buyer agrees to pay all the closing fees, that’s more cash in your pocket.
Ps. I’m not an attorney but I’ve completed hundreds of real estate transactions without a realtor and I am completely comfortable with the process. Shoot me an email or give me a call/text if you have more questions. (firstname.lastname@example.org, 919-535-4858)
Pps. Even though EVERYTHING can be done remotely these days…I am a North Carolinian and am always happy to meet in person if we ever do a transaction together.