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My family recently came into possession of a large (30 acre) parcel of developable land in the city limits. The family needs to dispose of the property for tax reasons. I'm wondering - I could hire a normal real estate agent but it would seem that large developable land may be best served by a speciality real estate agent.
What kinds of specalities are out there and how do I go about finding one that may be very skilled at selling this kind of property?
Honestly, most areas have a few developers that are well known in the area. Out here parcels like this don't usually go through the MLS, but directly to the developers. We call them up and negotiate a deal directly.
You can ask at the local county who the developers are in your area, or you can ask a local real estate agent that specializes in new construction or land sales. They will typically know the large developers in town. Don't hire a rookie, and even I, a good real estate agent, would have an attorney involved in the review of this transaction.
My family recently came into possession of a large (30 acre) parcel of developable land in the city limits. The family needs to dispose of the property for tax reasons. I'm wondering - I could hire a normal real estate agent but it would seem that large developable land may be best served by a speciality real estate agent.
What kinds of specalities are out there and how do I go about finding one that may be very skilled at selling this kind of property?
Find a realtor that specialized in new home development..he or she will have tons of contacts! They will also understand planning and zoning requirements for that area and talk to the developers about what they can and can't do with the property. Good luck! Too bad you couldn't hold onto it as I'm sure it will be worth a few pennies a few years down the road.
If this is zoned for uses other than single family residential, you should consider engaging a commercial agent, and one with a good track record of converting sales with related zoning or with clients who may have needed zoning changes to achieve the highest and best use of the properties.
I also like the advice of approaching developers, but you should recognize that you have no representation, so you will need to engage a real estate attorney to help you with contracts.
Either way, this is not the time to cheap out, and get in over your head with a rookie or a dabbler.
Isn't this something straight forward like a traditional single family home sale? It's owned fee simple by one person, it's not a trust or anything like that. I've read through contracts for regular home purchases and they aren't complicated.
Isn't this something straight forward like a traditional single family home sale? It's owned fee simple by one person, it's not a trust or anything like that. I've read through contracts for regular home purchases and they aren't complicated.
Sure, we have standard forms in NC, "Offer to Purchase and Contract Vacant Land." Simple.
The due diligence is where the fun comes in in vacant land. Contingencies are a little more involved, and options to buy are a little more common. Good place for an attorney, if any development, multi-family, mixed use, or commercial opportunities exist.
Where I live, I would propose that 30 acres of developable residential-zoned land in City limits may be worth as much as $2,000,000- $5,000,000.
Mixed use? Much more.
Commercial retail? Even more.
It seems to me that fixing the market value, and having a good contract are important. A good Land guy can help with that market value.
Keeping it simple may not be the best way to accomplish the sale.
Will you be liable for mishandling your family member's asset if you are perceived to "give it away?" A good attorney can help with that.
I would have an attorney vet any proposals and contract, with that much mad money floating around, family or not.
Isn't this something straight forward like a traditional single family home sale? It's owned fee simple by one person, it's not a trust or anything like that. I've read through contracts for regular home purchases and they aren't complicated.
What MikeJ said. This would be a multi-million dollar purchase with a serious amount of contingencies out here. This would not be a "straight forward" contract by any means out here.
What MikeJ said. This would be a multi-million dollar purchase with a serious amount of contingencies out here. This would not be a "straight forward" contract by any means out here.
OK - so what kind of lawyer do I hire and what do I hire them to do?
The purchase contract would be provided to us by the seller (I assume) so would I hire a real estate lawyer to review the contract and make sure the terms of the agreement don't expose us to unnecessary liability?
You'd want a land use attorney. (real estate attorney that specializes in land deals)
The attorney would write up the contract. Forget the store bought forms. NOT a good plan with this type of deal.
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