How to Sell Vacant Land

Before selling a piece of open land, you will want to know as much about it in order to answer the questions of potential buyers. You will need to know the dimensions of the property, its zoning and what utilities are available. If you don't have a clear grasp about the possible land use, it will be difficult to efficiently market the property.

Instructions

1. Contact the county's planning and zoning department to request a plat map. Such a map will contain the following information: easements, lot dimensions, setbacks and building area. Discover what the zoning is for your property, as it may be zoned for commercial, residential, multifamily or agricultural use.

2. Discover what utilities are available on the property. In order to properly market or price the land, you will need to know if prospective buyers will face a significant expense in bringing utilities--such as electrical, water, phone or television--to the property. Check with the local utility companies to verify this information.

3. Check to see if the land is hooked up to a sewer or if it will require a septic system. If it requires a septic system, it may need a percolation test to see what type of waste system must be used on the property. (Some sellers have the prospective buyers pay for this test.)

4. Have the land surveyed, if necessary. If the property lines are unclear, conducting a survey prior to listing the property is a wise move.

5. Price the property. Take into consideration the level of the vacant land. If it will require a significant amount of grading or retaining walls, it will not be worth as much as if it were level. If you are hiring a real estate professional to market your lot, he can help price the property. You will need to compare the land to the prices of comparable land sold in the same area during the previous six months.

6. List your property with a licensed local realtor who specializes in similar properties. Typically the agent will pay for all marketing fees, and payment to the agent is a percentage of the sale price, paid at the close of escrow. If the land does not sell, the seller typically will not owe the agent any compensation.

7. Ask a local title company if you can obtain a blank copy of a vacant land contract. If you have hired a realtor, she will supply the contract, negotiate the contract to obtain the best price for the seller and coordinate the escrow process.

8. Market the property if you are not working with a real estate professional. Place a for-sale sign on the land, make up fliers with information about the lot, and insert fliers in a box on the sign. Also, place advertisement in the local newspapers, on Craigslist.org and on real estate websites. Contact local contractors and neighboring property owners directly and see if they would be interested in purchasing the property.

9. Write up the sales contract with the prospective buyer (if you are not working with an agent). If necessary, consult an attorney. After a contract is agreed to by all parties, an earnest deposit is typically taken from the buyer and deposited into an escrow account with the title company. The procedure may vary by state.

Resources

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