Do you know about the documents you need to sell your land in Bentonville? We can help you make sure you have everything you need before selling your property. Learn more about what you will need in our latest post!
Selling land might seem more simple than selling a house, however, there are some documents you should have available before you sell. Being prepared and having everything in order will help the transaction to run smoothly without any bumps in the road. Keep reading to learn more about the documents you will need when selling land in Bentonville!
Purchase Agreement
This is what a prospective buyer will sign when initially making an offer. It states that they will go through with the purchase so long as everything outlined in the contract is taken care of. It is not a legally binding contract. If problems come up with the property or title, the potential buyer has the option to cancel the sale.
Disclosure Documents
Just like selling a house, when you sell land it is important to disclose all you know about the property. You might just think that it is just a patch of dirt, however, there are all kinds of things that can come up with selling land. There could be an oil tank buried underground. Or maybe there is bad soil, making the property unbuildable. There could be endangered animals living on the property, which keep any development from taking place. There could be building limitations, zoning limitations or problems with running utilities to the area. Of course, buyers need to do their due diligence, but just like selling a house, it is important that you disclose everything you know about the property before you put it up for sale.
Contract
This is the document which finalizes the terms between the buyer and the seller. It will include financial information, insurance info and more. It is important that this document is processed legally so that nobody ends up in trouble down the road. You should always work with a professional or hire an attorney to help with this part of the process.
Deed
The deed is what will transfer ownership between the seller and the buyer. It is a written document, filed with the county clerk and is public information. The deed will include a basic description of the property, the names of both the buyer and seller as well as the signature of the person selling the land. There are several types of deeds including warranty deeds, grant deeds, and quitclaim deeds. The county office will likely require the deed be notarized and witnessed. They will keep a copy of it and provide a copy to the transferring party.
Closing Statement
If the sale is being financed, a closing statement will also be required. This will show the debits and credits for both the buyer and seller. This document is sometimes also referred to as a HUD Statement.
If you want to sell your land, give the team at PDQ Home Buyers a call! We can handle the paperwork for you, making the process a breeze!