Selling a house is different from selling a plot of land because with selling a house, you have features to impress the buyer, and with vacant plots, you just have empty space. There are a number of reasons why selling land by the owner is one of the toughest things in the real estate market to do. Selling land is all about marketing the prospective, which requires some creativeness and imagination. However, the positive side of selling land is that the buyers generally already will have a plan for what they want to use the land for.
In case you have a property you want to sell for commercial development and property management, there are some Dos and don’ts you must keep in mind. We are listing them below for your ease:
Important dos while selling a property for commercial development
- Marketing property effectively
The first most important step is to find prospective buyers by listing your commercial property for sale in local papers and on as many real estate websites as you can find. You can easily find online sites that are dedicated specifically to listings for commercial real estate. You simply need to list your property for sale by providing the location, a few images and an advertisement which provides the other details and features of your land, its location, in-depth. Ensure not to write any false information.
- Ensure that the taxes and other bills have been cleared to the latest
You should make sure that all your taxes, bills and encumbrances against the property are repaid before you decide on selling your property. Anu unpaid impediments and bills may stop the deal from progressing and it can give a wrong impression on the potential buyer.
- Finalizing the deal and registering the property
When your buyer has looked through the property and you are on terms regarding the sales, you will be required to complete all the formalities. The first thing you need to do is to sign an Agreement or a Sale Deed affirming that the property has been sold to the one who is buying. The same deed also ratifies that both you and the buyer have stated to your obligations and in a written document. Once this procedure is completed, the Sale Deed / Agreement should be registered.
Important don’ts while selling a property for commercial development
- Don’t give the original documents before the registration is complete
This is one of the most obvious things to do. Never ever provide the original documents before the registration of the sale deed. If the buyer you have is insisting to view the document, provide a scanned copy or photocopy of the same with a watermark in big, ‘Not for Sale’. Also, check the sale deed before signing on it and keep a track of all the documents passed to the buyer for reference in the future, and also keep their acknowledgements.
- Avoid expecting or fixing high returns
Yes, it is true that you may be attached to the property emotionally, but do not expect that because you paid a huge sum of money, you will get equivalent profits. Of course, you must get at least the appreciation value of the property, but keep it real with respect to the trends. Do not discourage buyers by pricing it too high.