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Selling land in TN question

TheAirMan

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Jun 18, 2001
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11,821
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Moss, Tennessee
I could search for the answer to this. However, instead of spending a bunch of time looking for the answer and reading pages that might, or might not be correct, I thought I would just ask here. What all do you have to do to sell a piece of property in tennessee. I understand this could vary greatly depending on circumstances. In this instance, the property in question is 100% paid for. It is mine and mine alone. I assume its not as simple as getting the money and signing the deed over but I've never done this before so i dont know. Before someone asks, i didnt buy it before so I cant go off of what I did then.
 
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1jamey

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Oct 31, 2020
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169
Location
Hawkins County
Lawyer willdraw up a quitclaim deed and you or buyer has it registered at th e courthouse. Lawyer probably 50 bucks if it's simple, registering it depends on how much sold for + cost. Been a long time but I believe that's right price of lawyer may differ
 

Thekla

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Joined
Nov 9, 2019
Messages
241
Location
Gibson county tn
Depends on the land use and buyer.
If is going to be developed they can ask for the land to be perk tested, survey, approval from a local planning commision.
A lawyer or if the buyer has an agent can write the contract.
Normally a title search is done and recorded by the lawyer.
The lawyer will send a copy of the sell to IRS if there are capital gains.
Alot of variables and the cost will be more in the $500 range
 

Ahuntin1

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Joined
Dec 10, 2009
Messages
719
Location
Collierville, TN
Start with a contract that spells out all of the details of the sale. It is best to get it from an attorney, but I have done several with a simple internet contract. You give that contract to your attorney and they setup the closing and make everything happen. It is always best to do a warranty deed instead of a quit claim deed, but that will depend on the way you acquired the property. Find a good local real estate attorney in your county and he will guide you through the process where you don't need a real estate agent. If you don't have a decent survey of the property, that may be required too, but you can have the sell pay the survey cost (that would be a part of the purchase contract).
 

ttf909

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Dec 31, 2006
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6,227
Location
cleveland,tn
I use a local title company .write up a simple sales contract and hand it to the title company and they handle the rest including the closing . If purchasing I always get title insurance .
 

rem270

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Nov 15, 2002
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32,666
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Northwest Tn/Dardanelle AR
When I bought some additional property and didn't finance I just took the property owners deed and a written agreement to a lawyer and they did all I needed to buy it. Then when they were done me and the owner met there and signed papers and I paid him. It was pretty simple and easy.
 

PickettSFHunter

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Jan 11, 2004
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20,213
Location
Jamestown, TN
It can be easy or it can be hard. The buyer can make it easy or the buyer can make it hard. Any real estate agent involvement will make it harder rather than easier. For a simple cash transaction, the seller just needs to get a deed prepared by an attorney($80 here at the moment). The buyer would determine what all they want to pay for( for instance a title opinion, $250 at the moment here). The two would meet in the presence of a notary public, sign the deed and get it notarized, and exchange the money. The buyer would then take the deed to the Register of Deeds to record it. At that point, the buyer would tell the Register how much they paid (really up to them to be honest if it’s not on the deed). Most of my deeds say $1 or $10. Most remote counties are fine with this. Taxes would be based on that amount reported , but again, that’s a buyer problem. The seller just needs to take cash or cashiers check to the bank and deposit it. The process is not hard and doesn’t have to be hard. It has only been complicated by attorneys, banks, government, realtors etc (the folks with their hand out every time real estate is sold).
 

TheAirMan

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Jun 18, 2001
Messages
11,821
Location
Moss, Tennessee
It can be easy or it can be hard. The buyer can make it easy or the buyer can make it hard. Any real estate agent involvement will make it harder rather than easier. For a simple cash transaction, the seller just needs to get a deed prepared by an attorney($80 here at the moment). The buyer would determine what all they want to pay for( for instance a title opinion, $250 at the moment here). The two would meet in the presence of a notary public, sign the deed and get it notarized, and exchange the money. The buyer would then take the deed to the Register of Deeds to record it. At that point, the buyer would tell the Register how much they paid (really up to them to be honest if it’s not on the deed). Most of my deeds say $1 or $10. Most remote counties are fine with this. Taxes would be based on that amount reported , but again, that’s a buyer problem. The seller just needs to take cash or cashiers check to the bank and deposit it. The process is not hard and doesn’t have to be hard. It has only been complicated by attorneys, banks, government, realtors etc (the folks with their hand out every time real estate is sold).
 

TheAirMan

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Jun 18, 2001
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Moss, Tennessee
Hopefully it won't be any more complicated than you described. I guess I should have mentioned it was a cash/check, no real estate agent, no nothing really sale. I don't figure there could be a sale with less involved than this one.
 

Popcorn

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Joined
Jan 30, 2019
Messages
389
Location
Cookeville, TN Cadiz, KY and random other places
First! Explore your tax liability. Cost basis.
Selling inherited land can be very costly. Know the laws rules and tax liability First.

If you bought it simply and sell it simply and make a great profit your capitol gain will vary depending on short term or long term can be 15% up to about 22%.

(edit) The profit will also effect your annual income which could throw you into a higher tax bracket
 

TheAirMan

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Joined
Jun 18, 2001
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Location
Moss, Tennessee
It will be short term I assume as I've only owned it for like 6 months. Another quick question. Since I inherited this, but had to do probate and pay some debts besides lawyers and stuff, can that be used to lower the Capitol gains? I honestly don't know anything about this stuff and dont really care to. I do know I dont want to invole lawyers and all that anymore than I have to because I'm not going to get to much more than I've had to pay out already to get the place in my name.
 

bloodtrailing

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Feb 27, 2010
Messages
610
Location
TN
Your cost basis for capital gains will be based on the value when you received it. So you should not have much in gains to be taxed on.
 

waynesworld

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Joined
May 13, 2012
Messages
2,503
Location
Shelbyville, Tennessee
Your cost basis for capital gains will be based on the value when you received it. So you should not have much in gains to be taxed on.
This if you just received it 6 mths ago you should have no taxes. They should have put the value on it when you were doing the estate. Your cost on the inherited property is the cost of the property when your received it.
 

Huntaholic

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Oct 22, 2000
Messages
2,860
Location
Fer Tick
It can be easy or it can be hard. The buyer can make it easy or the buyer can make it hard. Any real estate agent involvement will make it harder rather than easier. For a simple cash transaction, the seller just needs to get a deed prepared by an attorney($80 here at the moment). The buyer would determine what all they want to pay for( for instance a title opinion, $250 at the moment here). The two would meet in the presence of a notary public, sign the deed and get it notarized, and exchange the money. The buyer would then take the deed to the Register of Deeds to record it. At that point, the buyer would tell the Register how much they paid (really up to them to be honest if it’s not on the deed). Most of my deeds say $1 or $10. Most remote counties are fine with this. Taxes would be based on that amount reported , but again, that’s a buyer problem. The seller just needs to take cash or cashiers check to the bank and deposit it. The process is not hard and doesn’t have to be hard. It has only been complicated by attorneys, banks, government, realtors etc (the folks with their hand out every time real estate is sold).
Aint that the truth! Ive bought and sold several pieces and its been as simple as meeting an out of state seller half way, having lunch, signing the papers and exchanging the money, to it taking 3 months of dealing with attorneys to get things done. It doesn't HAVE to be complicated, but either party can make it so and all that does is waste money on legal fees.
 

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