Cash in on Your Connecticut Land

Written by: Peter Harrison

Category: General

Published: December 6, 2023

If you have land you no longer want or need, it’s important to know your options. You may be able to sell it for cash, use it to buy something else, or keep it as an investment. Regardless of what you choose, it’s essential to understand the laws and regulations involved in selling or purchasing land. Here are some tips to help you get the best deal and avoid complications.

Many people buy land with a future development strategy in mind. However, plans often change and they find that the land is not worth keeping. This is when it’s time to consider cashing in on your Connecticut land. There are a few ways to sell your land for cash, including through a real estate agent, a “we buy land” company, or even a flat fee MLS service like Houzeo. Each method has its pros and cons.

A real estate agent can help you find a buyer and negotiate with them. They can also offer advice about local market conditions. However, agents typically charge a 6% commission on the sale of your property. They also take on the responsibility of finding a buyer, so they’ll need to advertise and show your property. This can be a costly process and can take 6 to 24 months to close.

Buying land and developing it is a huge financial commitment. Before you make this type of purchase, you should have a comprehensive land survey done by a professional. This will provide you with a clear picture of the boundaries of your property and give you confidence that your building plans don’t violate any land ordinances or put your neighbors at risk. In addition, a land survey can be useful evidence in the event of a boundary dispute.

The state of Connecticut is holding onto more than $1 billion in unclaimed property. This includes money from forgotten checking and savings accounts, utility deposits, life insurance policies, and more. It can be difficult to track down and claim this money. However, the state recently made it easier for individuals to find their missing assets by publishing a list online called the CT Big List.

Many states have a program that allows them to return unclaimed assets to their rightful owners. This helps to reduce the amount of money that ends up in state coffers and can be a powerful tool for reducing government waste. However, this is only one way that Connecticut is trying to improve its unclaimed property program.

Many state and national organizations work to preserve natural and historic places. These groups connect communities to their land, history, and each other. They can also support rural economies, promote agriculture and food production, or protect scenic views from development. The CLCC is happy to highlight some of these groups on our new statewide Cash in on your Connecticut land Trust Directory. This first-of-its-kind resource is available to all residents and is a great way to learn more about the great work these organizations are doing throughout the state.