Are you considering selling land in Indianapolis? If so, you may be curious about a common question: who covers which costs when selling land in Indianapolis? In this article, we’ll uncover the potentially surprising answer.
When people contemplate selling land, they envision transferring the deed and receiving payment for the property. It seems logical to assume that the buyer covers the expenses, so most land sellers don’t even give a thought as to who pays which costs when they’re selling land. However, that’s not necessarily the case, so let’s discover some of the costs and who pays them when you’re selling land in Indianapolis.
If you’re the seller, it’s quite possible that you’ll be the one footing the bill first! Although plat maps show loosely where the boundaries are for your property, it can be very helpful if you can show prospective buyers precisely where those boundaries are. Therefore you’ll likely need to cover a few up front expenses like a survey or site analysis, or hire a geologist to assess the property’s potential. Regardless of what you’ve experienced before, these costs can add up quickly with a staked survey alone sometimes costing over a thousand dollars.
Next, you’ll likely need to collaborate with a real estate agent to market the property and list it for sale. During this time, you’ll need to cover additional costs such as mortgage payments, bills, taxes, and insurance until the agent finds a buyer. And don’t forget about maintenance and upkeep. You’ll need to continue mowing the yard, trimming trees, raking leaves and removing snow throughout the sales process.
Once a buyer is found, you may need to engage a lawyer, a title company, and possibly others to finalize the paperwork. Yes, YOU are responsible for covering all these expenses either throughout the sales process or from the proceeds of your sale at closing.
After the closing is done, you’ll receive payment for the property. However, from the proceeds of the sale will come agent commissions, closing costs and then obviously settling your mortgage and any outstanding liens.
So, to address the question, “who pays which costs when selling land in Indianapolis,” the answer is that you’ll be paying repeatedly, while the buyer or their bank pays you once.
Many sellers are realizing that this approach isn’t ideal, especially if they don’t have upfront cash to cover some of these costly expenses. While it’s tempting to gamble on the possibility of fetching a higher selling price (which isn’t guaranteed) by listing your land for sale on the MLS, it’s no surprise that many sellers are seeking a faster way to sell land – by receiving an offer from a Indianapolis cash home buyer and bypassing all the expensive and complex steps mentioned above. We buy houses in Indianapolis, but we also by other types of real estate too – like your vacant land. We’ll use the same simple process we use to buy houses when we buy your land. That means you can sell your land quickly and stress free.