Selling land in Wisconsin is a different real estate transaction than acquiring or selling residential or commercial buildings. Vacant land buyers are a very specific and specialized group of investors that often have set values attributed to vacant parcels and know a good deal when they see one. Despite the fewer parties involved and lower transaction value, a successful sale can still yield substantial proceeds for property owners.
Vacant land is typically sold through a land contract, which is an alternative to a mortgage. Land contracts require the buyer to pay a portion of the purchase price upfront, with the balance payable upon transfer of ownership. Since buyers must have the funding available to secure a land contract, this type of purchase can often be a more complicated process than traditional sales. Local land professionals like the experts at Global Abundance LLC are seasoned in the industry and understand the unique challenges that come with selling vacant land in Wisconsin.
The best time to Sell land in Wisconsin depends on your individual circumstances, including your goals and timeline for the property’s sale. In general, however, spring and summer are ideal times for land sales in Wisconsin because of higher buyer activity, improved weather conditions, and favorable financing terms.
When you are ready to sell your land, it’s important to properly prepare the property before listing. This includes cleaning up any dumped trash or debris, trimming bushes and trees, and keeping the grass mowed. In addition, it’s a good idea to get a property survey done to make sure you clearly mark the boundaries of your land. This can help prevent misunderstandings and legal complications down the road.
As with any property sale, hiring a lawyer to guide you through the process is a smart move. A real estate lawyer can ensure that all the necessary paperwork is filed and approved by any governing agencies. They can also handle any legal complexities that arise, such as zoning issues or environmental hazards.
Selling a vacant or undeveloped parcel of land in Wisconsin requires certain disclosures to be made to prospective buyers. This can include any knowledge of wetlands, flooding, or other environmental concerns that the seller has. Additionally, if there are any known zoning violations on the property that could affect its future development, this information should be shared with potential buyers.
Once a buyer is found and a purchase agreement is signed, the final steps in selling land in Wisconsin include paying your property taxes, title insurance premiums, and attorney fees (if applicable). At closing, you will also need to pay any transfer taxes. These are based on the value of your property and can vary significantly. For example, in some cases the transfer tax is $0.30 per every $100 of value. In other cases, the tax may be as high as 1% of your property’s value. This can be a significant amount of money to pay, so it’s important to plan ahead.