Selling Land Costs Explained

Summary

In North Carolina, selling land to family members involves costs such as potential capital gains tax, deed preparation fees (around $200), and recording fees (around $26 for the first 15 pages). A written agreement signed by both parties and notarized can be a legal contract. Consult a local attorney for complex transactions.

Full Conversation

I'm trying to find out what is the cost of selling land to family members in North Carolina
Hello Mustafa, in North Carolina, the cost of selling land involves:
- Potential capital gains tax: depends on the profit from the sale.
- Deed preparation fee: varies, but typically around $*.
- Recording fee: around $* for the first * pages.
Please consult a local tax professional for specifics.
Ok do you need an attorney for all of us
Hello Mustafa, whether you need an attorney or not depends on the complexity of the transaction. If it's straightforward, you might handle it yourself. However, if there are any legal complications, it's advisable to consult an attorney.
Writing up the agreement myself and both parties signing it and getting it notarized is that considered a legal agreement
Hello Mustafa, in North Carolina:
- A written agreement signed by both parties and notarized can qualify as a legal contract.
- It should clearly state terms of the agreement.
- Notarization adds an extra layer of validation.
Consult with a local attorney to ensure legal compliance.
Thank you alot
You're welcome, Mustafa! If you have any more questions in the future, don't hesitate to ask. Best of luck with your land sale!