How do i sell land?

My neighbor wants to buy a small peice of my land to put in a driveway.How do i know what to charge them and do they pay to have it surveyed?Its only a section about 10 feet wide and 20 feet long.

How do i sell land?
First- Check with City zoning to be certain you can transfer the property without reducing your use of your remaining property.


Second-Determine land value through a real estate broker and base your sales price upon 200 Sq. Ft. times the sq. foot value of similar property. Add a premium based upon your monetary desires, relationship with this neighbor and your neighbors "need" or desire for this property.


Consider how this might affect your future use of your property. Consider your transaction costs.


Third- Contact a Real Estate Attorney and obtain a price quote for a straight sale of the land or for a land right to allow your neighbor to use this part of the land (Easement). Add this cost to the price you are charging. WARNING- A straight property sale might trigger a "due-on" transfer provision in your Mortgage. A full blown survey is not required because in most states, neighbors may agree upon common borders using commonly described features that differ from precise land descriptions. A land sale may also affect your income tax for the year and property taxes for the future.





Understand, that when all is said and done, you are usually doing this as a matter of neighborly "good-will" over any expectation of making any financial gain. If this is too intimidating or your neighbor does not agree to cover the costs...you can just say honestly that it is just to complicated and they should contact another common border neighbor. DO IT RIGHT OR YOU WILL HAVE REGRETS WITH THIS NEIGHBOR or SOMEONE LATER PURCHASING YOUR PROPERTY OR HIS.
Reply:If you have a mortgage your mortgage company would need to release that portion of your property from your mortgage. You would not only have to get it surveyed but your city would also need to be involved because you are "re subdividing" a parcel that has probably been approved in the past at some point. The city planning and zoning department would be involved.





My brother did something like this and it took several months (and his property was free and clear).
Reply:An alternative to selling it is to offer to grant them an access easement through it. Either way involves lawyers and deeds ($).
Reply:I agree - offer an easement BUT tell the person who wants it to pay the costs involved (title survey plats deeds) that way you get to keep the land and they get to use 10 ft for a driveway :) And ** get it all in writing and also put in what happens if someone doesn't meet their obligations of the agreement