Yep, You DO Need a North Carolina Commercial Real Estate Broker to Sell Your Land!
Commercial land transactions that did not end well are a leading contributor to the use of error and omissions insurance claims! There are so many variables in a land transaction that it pays to have someone experienced leading, guiding, educating and closing the sale for you. In the state of North Carolina we have seen far too many agents not educated in the potential intricacies associated with the purchase or sale of land. Often times the broker is a residential only agent that see dollar signs in front of them. We all understand this and many have been down this road. Heck, we know great land brokers today that once started that way and came through unscathed. But we also know brokers that have gotten in over their heads and ended up regretting the fact that they attempted. In many cases the client just moved on and a relationship was damaged. Often times the Broker has waited too long and the damage has been done. In which case, hopefully the Broker has good E&O insurance.
Of course we want to determine the highest and best use of the property in question. But there are so many questions to be asked! Does the land have access to public utilities? Who manages those utilities? Are they onsite? Which utilities? How far from the subject property are the water main taps? Does the water line need to be extended? Are we are on a well? Commercial septic? Private septic? Ingress and egress? What will the municipality require? How is the topography? Are there wetlands? What is the current zoning? What is the tenor of the municipality regarding rezoning? Special use permit needed? What are the setbacks? Do you know about any upcoming road changes? What is DOT requiring? Turning lanes? Road widening? Traffic signals? Will you need curb and gutter? Of course many of these questions are more about the end user developing the land if indeed the highest and best use is to develop it for commercial or residential purposes. What about the things like the timber? Is the land being used or leased for agricultural purposes? Do you own the surface rights only? Do you own all of the mineral rights? Is any of the land in a floodplain? Will it perk? What about the impact of neighboring tracts? Has anyone done a Phase I environmental study? Is there rock on the land? Does the property need to be annexed? Are there cemeteries on the land? Are they of historical significance? Is there historical significance of any kind on the property? Easements and right of ways – have any been granted?
We recently sold and closed on a tract of land that experienced a delay in the process due to the fact that there was a small old (barely can find it) cemetery on the property. When the state took a look they recommended that the state historical and anthropology department take a closer look. For the next 30 days, while the Seller and Buyer waited anxiously, the anthropologists worked the soil to determine if there was additional historical significance. Thankfully for us, we are now closed. It is the unexpected contingencies that can cause stress if the buyer or seller are not prepared in advance.
Do not be blown away by Big Brokerages and/or Big Named agents. While they may be the answer you are looking for and be a great fit, they may not be? Ask them about the things above. Ask them if they have ever sold any land and how those transactions went. Ask them about the various contingencies that may present themselves. The pint here is. Find someone that will put the time in to “walk the land” and get to know it. Someone that will help identify the various Highest and Best Uses. Find someone with “reach” to investors and and users alike. Someone that wants to list AND sell your property. Not just list it.
If you have commercial real estate needs, please contact our team here at Kima Commercial @ KW Commercial. Our team is ready to assist you in the pursuit of your real estate needs.
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