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Real Estate with Integrity and Common sense
Land Buying- A Buyers checklistFew if any assets can give a true sense of American pride as that of land ownership. The responsibility to know what to ask and to whom rests squarely on the buyer. In some states, sellers are required to give a disclosure of what they know about the land, but these disclosures typically are not guarantees of condition. Here are a few of the questions a buyer might ask: 1. What is the legal description and does the parcel have a survey of record, are the survey pins available to witness 2. What are the legal accesses, if at all, and whose land must you cross to access the land, called easements. Do not rely on the fact that a road is to or through the property. It may not a have a legal right to use the road, 3. Is the subject land subjected to others rights to cross the property called dominant tenements, 4. Are services available to the property such as sewer, water, phone lines, power, cable, etc.. Will the cost to receive any of these services be the responsibility of the buyer, is the property annexed or subject to an agreement to annex to a city, 5. Will the parcel be required to pass a perc test for a septic tank, 6. Will a well be required and at what cost, 7. What is the quality of the water in the area, neighbors can be a good source of information 8. Is the parcel subject to special zoning districts of overlays, 9. Do others have the right to use, remove minerals, cut timber, or harvest crops 10. Can a building permit be issued on the land, determine if any restrictions from neighboring properties exist such as a view corridor or non-buildable areas 11. Is the property located in a floodway, flood zone of have potential for flooding, 12. Will flood issue affect a building permit or cause unanticipated building expenses, 13. If farmground, what are the sources of water, are the sources shared with other land owners, if surface water do you share a head gate? What method wastewater be eliminated, prior uses and soil types(may have more than one), 14. Are there any current disputes with neighbors, or have there been any disputes, 15. Do fences exist and who has the right or obligation to maintain them 16. Are there any nuisances near the property such as train tracks, road noise, agribusiness smells, factories, howling dogs, screeching peacocks or bright lights. Visit the property several times at different hours, especially at night. Is the anything that might disturb sleep or use of the property, 17. Is the any evidence of dumping, toxic waste, garbage, old tires, or pesticides and herbicides, 18. Review a current title report to verify that the seller is in fact who is selling the land and is able to enter into a contract, verify legal access and location of parcel. Have Title officer draw out on the map all easements of record. 19. What are the encumbrances of the land. Are there any loans, Local improvement districts or LID's, conservations easements or limitations to development, life estates While this is not an all inclusive list it will assist you in knowing what basic questions should be asked and who will be qualified to represent your interests while in the purchase of raw land. The process and the purchase of raw land can be cumbersome and risky, but you can minimize the risk by following a rigid checklist and hiring a specialist in your area that knows and understands the complexities of a land acquisition. A competent land broker may already have a package with many of these questions answered, however do not rely upon the listing broker as they represent the landowner. When considering the purchase of raw land contact several brokers and interview them for the job of assisting you in the purchase. Suggest they tell you the type of questions you should consider asking during the process of purchase. If the list falls short of what is written here keep looking for a qualified broker. Many real estate agents are not qualified to assist a buyer in the purchase of land as most focus their time in selling homes, townhouses and commercial property and do not pursue the education necessary to be effective as a land broker.
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