Can I Sell My Vacant Land When There is More Than One Owner?

Can I Sell My Vacant Land When There is More Than One Owner?
Hi, I’m Beth with TB Properties Buys Land, and today we’re going to talk about selling your rural vacant land, your 10-plus-acre residential, recreational land, and selling it to a land investor like TB Properties Buys Land. But we’re going to talk about if there’s more than one seller, can you still sell that land as an individual?

It is important to know that if there’s more than one person on the deed to a property, truly, in order to sell your property and convey it the right way, all members on that deed have to sign off on the sale of that land. If you and other family members, or you and friends, or a group of people own rights to that land, your names are on that deed, all of you are going to have to agree to a sale price, and all of you are going to have to sign off on the purchase and sale agreement, as well as the deed, when you’re deeding it to somebody else such as TB Properties Buys Land. You cannot as an individual sell your land or sell that land if other people are part owners of that.

This is really important to know. I know maybe you’ve been paying the property taxes on the property for multiple years and you’re frustrated you want to be able to receive all proceeds. That’s something that you’re going to have to work out with the other owners of that property regarding the proceeds. So, can TB Properties Buys Land purchase land from multiple sellers? Yes, we’ve done that in the past. It does take some coordination on the part of you as the seller. You have to know, first of all, all the other owners of that property. And does it sound silly to say all the other owners? If this is inherited land, there could be as many as a hundred or maybe even more owners of a property if it’s been passed down through the generations, all the heirs that are included. You have to know everyone who has rights to that land.

Next, everyone has to be able to be in agreement on the sell price. Then, everyone’s going to have to be able to sign the purchase and sale agreement and sign the closing documents. We’ve done this before. We’ve had someone where there was four family members, and the point person that we were working with, she structured this so that everybody signed off and she got with them to make sure it happened. She made sure that everyone was in agreement and that they were willing to sign all the necessary documents. We worked through it and it took a little bit longer because everybody had to get paperwork and everyone had to sign it and notarize it and all of this, but it was able to close, and they were able to receive the proceeds from that property.

It was exciting for them to make it happen so easily. So if you have rural vacant land and you’re not the only owner to that property, you can reach out to us. We can work on getting a price, but we do need to make sure that everyone on that deed is going to sign off on that property. We do close through title companies. Title companies will make sure that everything’s done the right way. If there are people who’ve passed away, there are remedies for that. But again, that will require paperwork, and we will go through the title company for that to make sure everything is legal and safe for everyone involved in the transaction.

TB Properties Buys Land, we are land investors. We pay in cash so that we can close quickly. We’re not reliant on lenders or banks, appraisers or anyone else for funding. We’re able to close quickly through that title company and safely. Please reach out to us if you have any questions. We’re happy to help. Thanks again for listening.
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