Question: I have a lot I purchased about 10 years ago and want to sell. What types of fees are generally associated with the transaction? I guess we can assume that survey and title insurance are not going to happen give the marginal cost of the land.
Answer: Typical fees for selling raw land include document preparation fees or attorney fees, recording fees to the County plus any transfer taxes. Always be certain to verify that there are no back taxes owed on the property so you haven’t agreed to purchase a property that could have several thousand dollars of back taxes owed. Typically, if you close via a title company this information plus any other liens or encumbrances will be disclosed in the preliminary title report.
Usually, fees can be negotiated with the title company and the seller. It is common practice for the Seller to pay for the title insurance policy in your name.
