Selling Vacant Land: Legal Tips for Sellers

 Posted on December 11, 2024 in Real Estate

If you own or have recently inherited vacant land in Illinois and want to sell it, there are specific legal considerations you should keep in mind. In some ways, the process is the same as it is for selling developed property. However, there are unique issues such as zoning and land use that you should keep in mind when selling vacant land in Illinois. A Yorkville, IL real estate attorney can provide legal advice for your vacant land sale. 

Check Zoning Regulations 

The zoning regulations affecting your vacant land will have a significant effect on how the land may be developed after sale (whether as residential, commercial, industrial, or a mix). Consequently, zoning may affect the type of buyer that will be interested in the land. Understanding the zoning requirements for the land can also help you accurately value it.

Sign a Vacant Lot Sales Contract

In Illinois, buyers and sellers of vacant land generally use a Vacant Land Sale Contract for these transactions. You should have an experienced attorney draft, review, and negotiate this contract to ensure it protects your rights. 

Allow for Due Diligence

There are due diligence considerations unique to the sale of vacant land. It can also be helpful to conduct this due diligence yourself, so you can have this information ready for any potential seller, including:

• Locating the deed 

• Conducting a land survey 

• Testing for environmental contamination

• Running a flood map analysis

• Finding the legal description

Obtain Title Insurance 

Title insurance provides you with legal peace of mind about who holds title to the property, so you can be certain there are no issues with selling the land. It is especially important when selling vacant land, when it may not be immediately clear whether there are any types of restrictions affecting ownership of the land, such as easements or liens.

Check for Outstanding Tax Obligations

Depending on how closely you have been keeping track of your vacant land, there may be outstanding property tax obligations on the land. It is important to ensure that taxes on the property are current prior to selling the land. 

Contact Our Yorkville, IL Real Estate Attorneys

To ensure that your rights and interests are protected when selling land, it is important to consult with a qualified Kendall County, IL real estate attorney. At Gateville Law Firm, we represent clients in the sale of vacant land and understand the unique legal considerations involved. Contact our experienced attorney at 630-780-1034 for a consultation today.