Cash purchase Pennsylvania land

The legal requirements include a clear title, a written contract, and compliance with state and local regulations. Both parties typically need to sign a deed that is then recorded at the county recorder’s office.

The fair market value can be determined through a professional appraisal, examining recent sales of comparable properties (comps), or consulting with a local real estate agent who specializes in land sales.

Yes, there could be capital gains tax on the profit from the sale, as well as potential transfer taxes. Its advisable to consult with a tax professional to understand your specific obligations.

Steps include obtaining a clear title, hiring an experienced real estate attorney, drafting a comprehensive sales agreement, conducting due diligence on the buyers ability to pay, and ensuring proper closing procedures are followed.