Your Frequently Asked Nevada Land Questions Answered!
Your Nevada Land FAQs
When it comes to selling your land, there are a lot of questions that come up. What is the best way to sell my land? How do I sell my land by owner? Who pays closing costs? How can I avoid getting scammed when selling my land?
These are all important questions and it can seem like a daunting task to get your land sold. But if you follow the advice on this page, you will be off to a good start. You can also reach out to us directly for more information on selling your land.
Don’t want to pay a Realtor 6-10% to list your land for sale? We totally get it and that’s why one of the most common questions we get is how do I sell my land without a Realtor and list it for sale by owner? There are a few different ways to sell your land by owner and avoid hefty commissions.
The first step would be to list your property on free websites such as Craigslist, eBay, and Facebook Marketplace. Those are a must. *Another tip, Landsearch.com is a hidden gem for listing your land.
For a paid option, we recommend Land.com which is the number 1 network of land sites on the internet. You will pay a monthly subscription of around $100 until the land is sold, but the exposure is worth the money. Their sites are full of people looking to buy land.
Another possible option would be to list the land on the MLS with a flat fee brokerage. There is a service called UnrealEstate that allows you to list your land on the MLS without hiring an agent. They provide you with a listing agent (that lists it for a flat fee) and you will only pay the Buyer’s agent a commission if your land sells, if the Buyer has an agent. This is a great way to increase your exposure and get your parcel in front of qualified buyers.
Last, if you are looking to sell your land fast to a cash buyer, we provide this convenience and service to landowners. We can close in as quick as 2 weeks, and we pay closing costs and back taxes (within reason) to make this a hassle-free transaction. Customer service is our number 1 priority.
To get started just submit your land below on this page or head to our contact page.
The first thing you need to do is understand your timeline. Land is an illiquid asset, meaning it can be tough to sell quickly. Sometimes it takes much longer than a house to sell, which can be frustrating. So determine if you need cash quickly, like in the next 2 weeks. Or are you able to hold out for a few months in order to get a higher price? Once you have a timeline, that will determine your best strategy.
The quickest way to sell your land is to sell to a cash buyer like ourselves. You can simply fill out the form below on this page to get an all-cash offer or go to our contact page. We can close in as quickly as 2 weeks, and pay for the closing costs and back taxes (within reason).
Another option would be to list your land on the previously mentioned sites (Craigslist, eBay, Facebook Marketplace, Land.com) at a price below the market value to get a quick sale. A tip to get the most potential buyers interested in your land would be to offer owner financing or to sell your land on payments over time. If this is not an option, then selling below market value or to a cash buyer like Pine Top Land would be your best bet.
No, Nevada does not require a real estate attorney to buy or sell land.
- Title insurance
- Attorney’s fees
- Title search fee
- Recording Fee
These costs will vary but will generally be between $1,000 – $3,000 on the high side. If there is a loan involved, then the fees will be higher.
The cost of title insurance in Nevada is typically between 0.5% and 1.0% of the purchase price of the land. For example, if you are selling a piece of land for $100,000, the cost of title insurance would be between $500 and $1,000.
*It is important to note that title insurance is not required but it is highly recommended.
The buyer and seller of real property in Nevada are jointly responsible for payment of the Real Property Transfer Tax (RPTT). This means that either party can be held responsible for paying the tax, and the other party is still liable even if the first party does not pay.
The RPTT is calculated as $1.95 for each $500.00 of value. For example, if the purchase price of a piece of land is $100,000, the RPTT would be $390.
This is a big subject with many nuances. We are not tax CPA’s or financial advisors, it is important to consult with a tax advisor to discuss the specific tax implications of selling land in Nevada.
With that being said, the tax implications of selling land in Nevada will depend on a number of factors, including:
- The length of time you owned the land.
- The purpose for which you used the land.
- The amount of gain or loss you realized from the sale.
Capital Gains Tax
If you sell land that you have held for more than one year, you will generally be subject to capital gains tax on any gain you realize from the sale. The amount of capital gains tax you owe will depend on your tax bracket. For example, if you are in the 22% tax bracket, you will pay 22% of your capital gains on the sale of the land.
If you sell land that you have held for one year or less, you will generally be subject to short-term capital gains tax. Short-term capital gains are taxed at your ordinary income tax rate.
Depreciation Recapture Tax
This is more so for land with improvements on it so it does not apply to most land. However, if you used the land for business or rental purposes, you may be subject to depreciation recapture tax on any gain you realize from the sale of the land. Depreciation recapture tax is a tax on the amount of depreciation that you have claimed on the land over the years.
State Income Tax
Nevada does not have a capital gains tax. This means that you will not owe any state income tax on the profits from the sale of your land.
Local Property Taxes
You may be subject to local property taxes in your jurisdiction on the gain you realize from the sale of land. The amount of local property taxes you owe will depend on the assessed value of the land and the local property tax rate.
The zoning laws are specific to the location of your land and are governed by the jurisdiction you are in. Zoning laws can restrict the types of buildings that can be built on your land so they have a big effect on the value.
To find out the zoning laws, contact the planning and zoning department for your jurisdiction. The best way to find them online is to search on Google “Your County + Planning and Zoning Department.”
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