Essential Questions to Consider If You Want to Sell Off Some of Your Property
If you own a large plot of land and you are thinking about selling off pieces of it, there are a few steps you need to take. While the process can vary based on where you live, there are a few essentials that stay the same from area to area. Here's a look at what you need to think about during this process.
Have You Done a Title Search?
When it comes to boundaries in the country, they may not always be clear. If you have lived somewhere for years, you may assume the land is yours, but another individual may have claim to it. Because of that, you may want to do a title search before you start the rest of this process. That ensures that the land is truly in your name.
Which Part of Your Land Do You Want to Sell?
This issue requires some careful deliberation on your part. If you've been living alone on your land for years, you may be used to peace and quiet. If you want to sell your land, you may want to choose a spot that's relatively far from your home.
You may also want to think about issues like sight lines and water drainage. For instance, if you want privacy, you may only want to sell land that is out of view of the main house. If you do a lot of gardening or farming and you rely on water to run down from one part of the property to your garden, you may not want to sell either or those sections of the land, or you may want to tell the buyers that they aren't allowed to collect the rainwater in barrels because you need the runoff.
Do You Want to Parcel the Land or Sell It to a Developer?
You can parcel up the land yourself, and go through the process of selling each individual plot. Unfortunately, that can be time consuming. To save time, you may just want to sell the land to a developer and let them set up the subdivisions.
How Is the Land Zoned?
You also need to check on how the land is zoned. Can you sell it to commercial buyers or just to residential buyers? Are there restrictions on how many families can live in each plot? Those are all questions that you need answers to.
When you've figured all of that out, you can start to survey the land and subdivide it. Then, you can contact the local authorities for titling the land. Note that this process can be challenging, and to make it easier, you may want to hire a subdivision expert. They can take care of everything for you.