If you’re looking at a vacant lot in the middle of the desert or near the top of a mountain with nothing around for miles, you will probably want to verify with a professional that water will be accessible if/when you need it (and if your only option is to have it hauled in by truck, you'll want to get an idea for how much this will cost on an ongoing basis).
One of the most important first steps before subdividing your land or land you wish to buy is to make sure there are no restrictions that will block your plans. Everything from ordinances, neighborhood covenants to deed restrictions may prohibit – or fatally complicate – your plans. Review these items carefully, plus order a professional title review (typically through a real estate attorney) so that you can understand whether there are any deal killing issues that apply to the property and prevent subdividing.
If youre providing seller financing, youll still need to draft a deed, but this deed will be held in escrow until the final payment is made. Once that payment is made, the deed will be filed with its respective government agency, typically the county clerk. You can have an attorney, title agency, or a financial institution hold the median in escrow for you until the buyer makes the final payment.
I like the suggestion to send out neighbor letters to the surrounding property owners. That is a great way to get the word out that you are selling your land. When I went to sell my land, I made sure to tell my neighbors or post of social media and every other platform in order to allow more people to see that my lot was for sale. I ended up way over my original price and with a good buyer that built his family a home there.
Your buyer profile can depend on what type of property you are selling, whether the land has been developed already, its location and market conditions, among other criteria. Is your likely buyer an individual looking for a lot for a new home? Or is your buyer going to be a builder or developer looking for land for their next project? Or is your buyer some combination of those, or someone different altogether? There may be different buyers for finished lots, rural acreage or a parcel of suburban land in a thriving new home market.