I own some vacant land about 2 hours from where I live. I thought I might build on it but then bought the place I'm settled into. It's not worth a lot. Once in awhile I get offers from developer people but I've been content to hang onto it since the offers aren't usually anything special.
A few weeks ago, someone saw it and offered to buy from me at a much better price (they're buying land in the immediate area). We've traded emails and I've researched them, and they are legitimate. The problem is that they did not disclose in advance that they do a self-closing process that uses no independent company to hold the funds. They want me to do something I will not do: sign and notarize the sales contract, send it to them, allow them to record the deed, and then mail my funds. They told me their reputation is built on not cheating people. (I'm neither young nor ignorant.)
I'm about done with this, but I intend to email back and tell them that they have another cheap option that protects me: a promissory note secured by a deed of trust, and a digital payment to me. Since land sales come up frequently here, I wanted to ask what you all think. Is a promissory note secured by the deed adequate? Has anyone done this? Good or bad results? I kind of doubt that they'll accept this, but in case in comes up again I should know.