I have a cabin and a little bit of property on a semi-local lake. Never get to use it anymore. Lately I'm working from dawn to dusk nearly 7 days a week. I was approached by someone that is asking if I would consider selling it, it is not officially on the market. The longer I think about it the more I like the idea, its a burden and all I do is worry about the upkeep. I have the deed and its clear. They are offering to pay in cash. Taxes are paid up to next Feb. I'm not worried about getting reimbursed for them. I was wondering if selling this is basically the same as selling a car. Sign over the deed, collect the cash and run? Is it this simple?

quote:

Originally posted by 08 Cayenne:

I was wondering if selling this is basically the same as selling a car. Sign over the deed, collect the cash and run? Is it this simple?

No, it is not like selling a car.

You’re considering selling an appreciating asset - why?

Selling a car is simple and makes sense when the time has come. Selling land, well, they ain’t makin’ anymore. You may not be using it now, but what does the future look like?

If you need or want the money for a specific purpose, including investing in something else, then go for it. Otherwise I vote to keep it.

But, yes, agree to a price, exchange assets, sign documents, go about your way.

Selling real estate is different. Someone will be along shortly with all the details, but yes you can sell the property without an agent but need a professional to make sure all the paperwork is in order. I've sold a house directly to another person, I just paid an attorney for the closing - he prepared all of the documents and made sure they were filed properly. It wasn't expensive, but there is more to it than just handing over a deed/title.

quote:

Originally posted by 08 Cayenne:
< snip >
I was wondering if selling this is basically the same as selling a car. Sign over the deed, collect the cash and run? Is it this simple?

It depends on what type of deed the buyer wants.

If a quit claim deed is adequate, in writing you describe the property, and terms of sale, sign and take the cash.

Anything more, as would be required if the buyer is financing, and you should involve a settlement company.

quote:

I was wondering if selling this is basically the same as selling a car. Sign over the deed, collect the cash and run? Is it this simple?

A new deed must be filed with the County where the land is located. You and the buyer may be able to figure this out on your own. The Recorder of Deeds may help.
Of course it's always a good idea to ask a local real estate attorney for assistance.

Title company or an attorney who specializes in it.
Not hard or expensive and it gives the new owner a warranty deed / title insurance.
I would want cash deal, as is, no contingencies. Since they approached you and it isn't actively for sale I wouldn't want to be burdened with having to go open it up for inspections, repairs, appraisals and whatnot.

If the legal description is clear and / or you have had a survey done that will help speed it up and make it easier / cheaper to close.

Just have a local real estate attorney handle it for you. Should not be that expensive and it avoids problems later. The later problems tend to be expensive.

No, a deed is not like the title to a car. You create a new deed at each transaction, from the then current owner to the new buyer. In the deed, the seller makes certain promises about what is being conveyed and guarantees (to a greater or lesser degree) that the seller can, in fact, make those transfers. Various types of deeds can be used, and which is appropriate is a matter requiring some expertise.

Think of it this way: a title is a passive document and it just shows who is the current owner. A deed is active - in the deed the current owner actively transfers ownership and makes other promises about the property. You need a brand new deed for each transfer.

As always, different states have different rules and requirements.

Unless you are an expert in real estate transactions, you will probably need at least one lawyer in the transaction to make sure the transfer is handled properly.

They buyer is probably going to want some title insurance, too. The insurer will insist on properly prepared documents.

ZSMichael is right. Involve a lawyer. Maybe you save a $1000 by trying to do it yourself but you run the risk of having a huge problem come back and bite you 5, 10, 25 years from now.

Any real estate lawyer can regale you with stories regarding real estate sales that turned bad years later. Here in Texas, there are transactions involving the King Ranch that are still being litigated almost 200 years after some of the original transfers were made. Errors are like a time bomb with a variable fuse.

get a professional involved. if you have a ready, willing and able buyer and you can agree on price and terms use an attorney to handle the contract and paperwork.

Most things are for sale, at the ‘right’ price.

If you don’t have a good handle on the value, I’d get an appraisal or at least a idea from a real estate agent.

I have a 1/3 interest in a camp property, over 800 acres with a camp. I’m kinda thinking about an exit. I don’t see a valued use beyond us, sold then $$ divided is about it.

There are carrying costs with property, taxes, insurance & upkeep that need to be factored in.

Thanks everyone, saved me some valuable time. One complication is the property is actually in 2 different counties, one very small corner, 0.073 acres. I'll get help and make them pay for it.

Here in Florida, a transaction such as this would probably be handled directly by a title agent, not an attorney. In fact, an attorney would most likely involve a title agent, as they are the ones who do the title search, and who broker the title insurance policy.

You will need a title company. Talk with them. They should be able to walk you through the process.

I'm closing tomorrow on selling a 14 acre plot of raw ground. This past Monday I got a call from someone who had bought the adjacent property. They wanted to know if I would sell or perhaps give them a lease for hunting and fishing. I haven't used it but once in the past 4 years so I said sell. They agreed to my fair price with no haggling. I contacted the same attorney who prepared the deed when I bought it. He's making a new deed for $100 and buyer did their own informal title search. No liens or other encumbrances. We are meeting at the bank tomorrow at 2:30 for me to sign the deed and get paid. We will make our own bill of sale and I'm going to be looking for shiny stuff all the way home.

Yeah I'd go through a title co. for sure. Craigcpa makes a good point about real estate (usually) being an appreciating asset. However, this is a secondary vacation property which can take a while to sell and be all but impossible to offload in an economic downturn.

Between the taxes, maintenance, and liability exposure, if you aren't using it (and don't think you will in the foreseeable future) and have a good offer, I'd sell as well.

If you have a better use for the money, then sell. We had a beautiful place on the coast in California, but hardly ever got to use it; rented it, but maintenance costs and headaches were high. Not sorry we sold.

Not mentioned above: you may have capital gains taxes on sale of the property if it has appreciated.

Make sure you do due diligence on the price. I'd talk to a broker, and ask them what they'd price it at, and ask for comps to back it up.

Get the property appraised and get a local attorney who does real estate.

The property is in a very remote area. Nice if you want to get away but bad in the sense it is a target for vandals, thieves, and vagrants. I’ve had at least 25 issues from the above. I actually found a group of hunters staying in the cabin during deer season. No idea who they were but ran them off at gunpoint. Taxes and insurance but no opportunity to enjoy it.

Find a title company to assist you. They will do the documentation and insure the title conveyed. Payment and disbursement will be through their escrow account. Some states do require an attorney.