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Raw land sale, long distance transaction.....precautions and considerations ???

catch22catch22
in Other Investing
I've sniffed around on the "net" for some clues; but also need to ask here, to tap the vast wealth of knowledge that exists among this group.

We've performed 3 real estate transactions (primary home) since 1976, and one raw land transaction.
The 3 primary home transactions were all local, so a face to face was always in place for all parties involved in the buy/sell.
The primary home transactions were buyer/seller transactions NOT using a real estate agent, being for sale by owner. All purchase agreements were reviewed by a fee only real estate attorney to clarify, verify and add/subtract any and all legal language to provide a legally sound document. The mortgage provider was the only other outside participant, which required that all involved signed the proper legal documents to close the deal.
The raw land purchase was from a large company selling parcels in a variety of locations. This purchase could be performed directly with their local, authorized agent. A fully straight forward, legal transaction.

So, we have exposure to the "old" DIY method of selling and NOT using a real estate agent.

NOW.....

We have been contacted by a (not a company) husband/wife for our consideration of selling the raw land, as they are looking at property in the area. Such a transaction would not be a face to face, as they live 1,600 miles from the property and we live a full overnight drive from the property.

The question(s) are now these:
--- Is there a common path of documents and processes to attempt a long distance, without face to face, property sale?
--- Is this a fully difficult transaction to consider, knowing the circumstances (distance) involved between seller/buyer?

NOTE 1: We have not yet responded to their query to sell our property.
NOTE 2: We have not contacted a local real estate attorney at this time, as to how to proceed; if we decide to sell.
NOTE 3: We know the one required document would be a Warranty Deed to ensure there are not liens on the property.

Surely, I've missed something in this thinking process. Your input is very much appreciated.

Thank you,
Catch

Comments

  • sma3
    I would assume your first requirement is a local lawyer who can do all of the paperwork for a fee. I would probably use someone from a large firm to ensure quality and know there is a backup.

    I assume this is a cash transaction? IF the buyers are unknown to you, make sure they are credit worthy.
  • hank
    edited October 2021
    Why not consult a local realtor or real estate agency you trust? They should have contacts in the region involved. Yes, you’d have to compensate them to represent you if you elect to use their services. But you’d have professional advice and representation. Likely they’d also enlist legal counsel at some point. ISTM the distance involved is of little relevance here.
  • Old_JoeOld_Joe
    I think that hank is on to something. You're eventually going to need someone on your side who is local to you, so why not get them involved from the beginning, rather than get something started only to find out that there may be pitfalls?
  • BenWPBenWP
    While I have no experience in selling land, I think I would contact a real estate company with a nationwide presence. Berkshire Hathaway signs are popping up in SE MI where I live, but there are other franchises as well. @Old_Joe's idea about working locally with someone you might know is très solide. He/she might have a contact in the market where your land is. If it's a sizeable sale price, I'd probably fly, especially for a closing.
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