How to Sell Commercial Land

Commercial land may be used for farming or agriculture.

Commercial land sold for business purposes provides various types of opportunities for investors and landowners. For instance, the land may be used for restaurants, apartment buildings or shopping centers, depending on the location and amount of land available. Therefore, it is important to obtain the proper guidance when selling commercial land. Seeking help from professionals ensures that you receive a fair value for your land as well. Additionally, having the survey and title work in proper order also speeds up the sales process.

Things You'll Need

• Deed
• Survey
• Purchase agreement

Instructions

1. Obtain a copy of the deed for the commercial land. The deed provides information regarding the owner, property description and encumbrances or liens on the title. Review the copy of the deed for any issues. Ensure that there are no liens or title issues before selling the commercial land.

2. Order a survey on the land. Hire a licensed surveyor to complete it. This protects you and the buyer from any issues arising in the future regarding landlines according to CNN Money.

3. Get an appraisal or certified market analysis (CMA) for the commercial land. An appraiser or real estate agent has the means for providing one. This helps you determine the asking price for the land.

4. Advertise the land for sale. Use the local newspaper, Internet and road-front signs to draw potential purchasers to the property. Also, consider using a professional realtor to assist with the sale of your commercial property. A realtor has the knowledge and advertising venues to sell your property. The laws and regulations vary by state.

5. Review the purchase agreement when a buyer presents it. Again, a realtor is beneficial when selling commercial property to ensure that the agreement is properly written and executed. Make any adjustments if necessary or accept the offer.

6. Follow the guidance of the realtor and closing agent when closing the sale of commercial property. Generally, a title search is performed by the closing company and the current survey is required. Sign the new deed designating the purchaser as the new owner.

References

• Bankrate: Great Time to Invest in Rental Property
• CNN Money: Who Needs a Property Survey?
• BLS: Real Estate Brokers and Sales Agents
• Legal Dictionary: Real Estate