Selling land can be a straightforward process in Texas, as free land sale contracts are available to landowners. However, as with a traditional real estate transaction, there are still several documents that must be prepared by the seller in order to successfully transfer ownership of the property. This article will provide an overview of the key steps that need to be taken when selling Texas land for sale by owner, no realtor required.
One of the first things that must be done when selling Texas land for sale by owner is to get the deed and title up-to-date. This can be accomplished by working with an attorney or title company to obtain a certified copy of the current deed and a title search to make sure that the seller has clear ownership of the land.
Next, a professional appraiser needs to evaluate the property and determine its fair market value. This can be done by examining the property and reviewing comparable land sales in the area. The appraisal can help you set an appropriate price for the land to attract buyers.
Once you have the proper paperwork in place, it’s time to market your property. There are many different ways to do this, including online listings, print ads, and word of mouth. The main goal is to find a qualified buyer who is interested in purchasing the property.
If you are able to find a buyer, the next step is to negotiate a price and finalize the sale. This can be done through a real estate attorney, or you can complete the paperwork yourself using an online form like RealDeal. Typically, the real estate agent will draft and review key documents such as the sales contract, but you may need to prepare other documentation, like seller disclosures, yourself.
In addition to the actual purchase agreement, the new owner of the property will need a statement of property tax pro rations. This document will list how much the annual property taxes will be divided between the buyer and seller based on the date of closing and the length of ownership. In most cases, the seller pays the property taxes up through the date of sale, and the buyer will take over paying them from that point forward.
Another aspect of the sale that must be completed is the Third Party Financing Addendum, which allows the buyers to request a financing contingency period with their lender. During this time, the buyers must be approved by their lender based on their creditworthiness, income, assets, debts, and other factors. If the buyer is not approved during this time, they would lose their right to purchase the property.
Once the sale is complete, the seller and buyers must sign the sales contract and file it with the county recorder to transfer ownership of the property. A closing statement will also be included which lists the amount that each party is responsible for paying and any associated fees.
