Whether you own an undeveloped parcel of land in the woods or a farm on the outskirts of town, it can be difficult to find the right buyer for your property. Many buyers are looking for properties with existing structures on them or a plot of land that can support the construction of a home. Others are simply interested in buying agricultural land for the purpose of farming or growing crops. If you’re ready to Sell your Connecticut land here, there are a few things you need to consider.
One of the biggest obstacles to selling land is determining a fair market value for your property. You can hire a professional real estate agent or you can research the local market yourself using online real estate platforms and data. A professional can help you determine the best price for your land by looking at comparable properties that sold recently in your area. Getting a professional opinion can help you avoid overpricing your land, which is a common mistake made by property sellers.
If you decide to work with an agent, you should be prepared for a commission fee, which is typically 6% of the purchase price of your property. Alternatively, you can list your property for sale by owner (FSBO). This option can be more cost effective than working with an agent, but it’s important to understand that most buyers will work with an agent and this may limit your pool of potential buyers.
Another expense to consider is the transfer tax, which is levied against any property sale in Connecticut. This is usually 1.75 percent of the sales price and includes a state tax as well as a municipality tax. Sellers are also responsible for covering any unpaid property taxes, which can add up quickly if you’ve been behind on your payments.
Before closing, the property’s attorney will walk both parties through all of the paperwork and answer any questions they have. During this time, the buyer will typically conduct a final inspection of the property to ensure that nothing has changed since their initial walkthrough. Once the property is officially sold, the seller and buyer will sign all documents. The documents are then recorded with the county and the seller’s name is registered in the public records.
When you are selling your property, make sure you take the time to thoroughly clean it and remove any items that are not part of the deal. This will help you get the most money for your property and will ensure that it sells quickly. Be sure to include in the contract which items are included and which are not, as this can prevent confusion in the future. You can also choose to have an inspection done on your property before completing the sale, which can be useful if you are concerned about any hidden problems or defects with the property. In some cases, this can even save you money by identifying issues that need to be addressed prior to the sale.