Do you own land that isn’t doing much for you? Perhaps the yearly property taxes are taking up too much of your budget or you’re just ready to sell. Whatever the reason, Florida land is a valuable asset that can be sold quickly and easily if you take the right approach.
Before you make any moves to sell, it’s important to get your paperwork in order. Sellers will likely want to see proof that you can cover the down payment and closing costs. This should include the date, name of the institution where your funds are held, and a balance statement. A bank statement is ideal, but other forms of documentation can be accepted as well.
Another thing you’ll want to do before selling is have the property surveyed. A survey will show where the property boundaries are and provide valuable information to potential buyers. This is a cost-effective measure that can save you time and money in the long run.
Florida Asset Protection
The state of Florida has many unique laws regarding asset protection. In addition to homestead property (with some acreage restrictions), there are also laws regarding payable-on-death (“POD”) and transfer-on-death (“TOD”) designations. These types of designations allow you to specify a beneficiary who will automatically inherit an asset upon your death. These are most common with financial accounts such as IRAs and 401ks, but can also apply to other assets like family businesses or personal property.
There are other unique laws that can protect your property in the event of a civil judgment. Some of these laws are specific to Florida and others are general laws that can be applied in any jurisdiction. It’s important to consult with an attorney to learn which of these laws apply to your situation and how you can protect your Florida assets.
One way to market your Cash in on your Florida land assets is by placing a For Sale sign. This is an effective way to get the attention of passersby, but it isn’t enough to reach all potential buyers. You’ll need to utilize both local outreach and online marketing to successfully sell your land.
Once a buyer is found, the next step in the process is to prepare a sales contract or purchase agreement. The sale contract will contain the terms of the deal, including price and closing dates. It’s also a good idea to include a provision in the purchase agreement that specifies who will pay for the current year’s property taxes, if applicable. Once the purchase agreement is signed, escrow will be opened with a title company and a title search performed. Then, the sale will close.