How to Sell Your Land:

Phase 1: Feasibility Studies

Feasibility studies explore certain environmental and regulatory elements of the property. These tests can take anywhere from 90 to 120 days to complete in most jurisdictions. This phase begins when the development team orders a title report and reviews the report for easements and restrictions that may be placed on the land. They then may survey the property to confirm the layout, boundaries, and encroachments.

Next, the development team determines the availability and location of utilities such as water, sewer, power, gas, phone, cable, and any subsequent utility fees.

The team may conduct a "wetland delineation study" to determine if there are any wetlands on the property. If wetlands are found, the team analyzes their size and location and determines if the land is still a good prospect for development.

A wetland study can be fairly subjective. The specialist who prepares your wetland study is often significant to the sale of your land. A developer who has established good working relationships with professionals can streamline the process.

Finally, the development team performs an initial traffic review to determine if there are any traffic problems in the vicinity which may adversely affect plans for development.

The developer uses the information which has been obtained to prepare a preliminary design. The developer then may conduct a geotechnical analysis to examine soil conditions and research the downstream drainage of the land.

Once these land-use issues have been examined, the development team moves into the regulation phase of the feasibility study. First they meet with city, county, and municipal district officials to determine if there are any regional or property concerns. At this stage, the team may revise the preliminary design of the project to incorporate what they have learned from all the previous studies and surveys.

Next the developers obtain a "traffic concurrency," a form required to obtain plat approval. They then prepare a preliminary cost estimate and conduct a market analysis on the project.

Once all the studies are complete and the analysis is done, the development team performs a final review of the results and makes a final decision on whether to continue with the project. If the project is a go, the development company issues you, the landowner, an "earnest money deposit." This is a non-refundable deposit that demonstrates they are serious about purchasing your land. This money is yours to keep, no matter what happens throughout the rest of the process.