I realize some things would be different depending on location but not all.
How to connect with the right buyer without advertising?
How to set up owner financing?
Who pays liability insurance?
How to prevent the buyer from reselling to a nightmare neighbor?
How to set up to offer the rest of the land to them ?
What should the buyer consider?
You may also look at libertarian forums, agorist forums, and such to find a buyer.
What state are you in?
.Would it be a good idea for a potential homesteader to camp out on the land for a year to see if it's what they wanted (I guess with some sort of lease agreement?). I am remembering cheap land here in the seventies that we all were buying that we later found out the realtors were calling "hippie" land...which turned out to be some of the worst, although everyone is so much more informed now.
How much could be written in the deed....like "no guns", "no toxic chemicals", fire restrictions....I assume deed restrictions are broader .
What about going through an abstract and title company...is that necessary? we did that to buy this forty acres and included in the cost were things like a title search. Otherwise where do you get the actual papers to make the sale legal?
Because your not expecting a down and % financing again a long term lease (life of the buyers, or such) could be enough.
I offer this suggestion of a lease instead of a sale because you mention gun-control, and people usually buy to completely posses all their 'rights'.
You are talking about a sale where you limit some state/fed given rights, just sounds more like a lease to me. Could be a deal breaker for many looking to score a bit of land.
I would start by brainstorming all the things you hope to get out of such a deal (sellers/leasers). Then do the same for the imaginary buyers.
This should give you a nice frame work for who your looking for and how you want the 'deal' to play out over time.
Then do your research on various lease's pros and cons.
Personally - I feel having joint projects/goals would go a long way toward forming a bond and community, which would really help living in peace and harmony with a close neighbor. So consider offering month by month discounts on lease payment for joint labor projects on your part of the land. This would be a win, win, win.
If you do it through a lease to buy there could be options you could write in which would give you the right to evict during the term of the lease.
Remember though that every time you place a restriction on the deed and what a person can do with the property you are taking away some of it's value.
This is the point we end up at...not wanting to restrict someones freedoms but not wanting to cause ourselves a future problem we cant deal with or a change in our lifestyle that we don't want..
What makes a sale legally binding? or a lease for that matter? I thought this would be helpful to get some information out here in case anyone else has extra land and no cash to invest in a sale.
You can do a lease-to-own with no up front costs, if you can self-survey accurately enough. You can make lease exit terms as binding or as free as you like.
The buyer will have to agree to pay for all the survey and paperwork to convert to a sale--either whenever they want or you both agree thas X% of the rent for an "escrow" to cover those costs.
I am liking the sound of "lease to own". I assume amount and frequency of payments are agreed on between buyer and seller and also the land description and use restrictions. All of this is written on just any piece of paper? maybe standard forms on line? and then notarized? I am still uncertain how to end up with something that will satisfy both buyer and seller for future security.
We own another five acres that has a self-survey done by my husband and the person selling the land. There were landmarks (a creek bed and cave line) along withan existing survey line edge. This piece edges a corner (two sides with fence and already surveyed lines and the other two sides are driveway and right of way road so it has pretty clear bounderies.
In the past we and a small network of friends would take turns having a workday/potluck at each others homesteads. We usually accomplished a lot.
LoriLeigh Crouch wrote:Looks like it's been a while since posting and I am wondering if you've found someone for a land contract. My husband and I are in the Ozarks for the next few weeks and would love to look at your " parcels". If you are interested please contact me: email@example.com
In the end we sold the whole forty acres to a permie minded couple just last fall and moved to the edge of a very small town in the next county over.
It seems like there are folks posting here about this fairly often though, just not about land in the Ozarks maybe. I still like the idea very much and think it can be a great opportunity for all involved.
Good luck with your search!
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