Are you thinking about selling land in Dallas? If so then you might be wondering this common question: who pays when selling land in Dallas. In this article, we’ll reveal the surprising answer.
When people think of selling land, they think of handing over the deed and accepting a check for the property. Makes sense. At first you might think that the buyer pays the seller. But that’s not really how it works, and you might be surprised at who pays when selling land in Dallas…
If you’re the seller, you’ll have to pay first! You’ll probably have to pay for a survey, a site analysis, or for a geologist to look at your property and tell you what potential the property has.
Then you’ll work with a real estate agent to try and sell the property. There will probably be additional expenses that you’ll have to cover while the agent tries to find the right buyer. For example, if there’s a mortgage on the property, you’ll have to pay any mortgage payments, utility bills, and taxes on the property during the months that the agent is looking for a buyer.
When an agent finds a buyer, then you may need to work with a real estate attorney lawyer, a title company, and potentially others as well in order to complete all the paperwork. Yes, YOU are paying for all of this the entire time.
Once the paperwork is complete, you will get the money for the property – after your mortgage is paid off and any liens are taken care of. That money might either come from the buyer themselves (if they’re paying cash) or it might come from the buyer’s bank (if the buyer had to get a mortgage to buy the property). Just know that if the buyer has to get a loan, there’s always the chance that their financing could fall through prior to closing. So it’s not over until everyone’s at the closing table signing the paperwork!
But your “paying” is not over yet! Once it’s all said and done, you’ll also have to pay the agent’s commission… and that typically comes out of your pocket at closing.
So, to answer the question, “who pays when selling land in Dallas,” the answer is that you’ll pay over and over and the buyer or their bank will pay you once.
A lot of sellers are realizing that this is not the best way to sell, especially if you don’t have the cash in hand to cover those expensive up-front costs. Sure, it’s nice to gamble on the possibility of getting a higher selling price (although you might not get what you’re asking for the land); it’s no wonder why so many sellers are looking for a faster, easier way to sell land – by getting a fast cash offer and bypassing all of the costly and complicated steps above.