Posted on: 1 February 2021
When it comes to buying land, you need to think carefully about your purchase. Just like when purchasing a building, you need to do your due diligence when reviewing the lot before buying the property.
Tip #1: Check for Liens
First, you will want to check and ensure the lot is free of liens. You are going to need to hire an attorney to review the title of the property. You need to make sure the property's title is clear. You do not want to purchase a lot with a lien on it, and you need to take your time to ensure the title on the lot is clear.
Tip #2: Get a Survey Done
Second, you are going to want to get a survey done on the land. You are going to want to hire your surveyor to look over the land.
The truth is the only person who can legally rely on a surveyor's certification is the party who hired the surveyor. That is the only way you have recourse if an issue arises later with the survey. If there is a survey done on the property, and you were not named on the certification, you could deal with property boundary disputes and easement issues in the future.
Tip #3: Know What the Land Can Be Used For
Third, you will want to make sure you understand what the land can legally be used for.
You are going to want to know what the land is zoned for. Is the land zoned for industrial, residential, or commercial usage?
Remember, it can be a challenging, if not impossible, task, to get a lot rezoned. You want to purchase a lot that has the right zoning for your intended purpose. This will make the process of developing the lot more straightforward.
Tip #4: Research Access to Utilities
Fourth, you are going to want to research access to utilities. Find out if the lot is already set up for utility access or if you will need to pay to get utility access. Find out if you can even get city utilities. Accessing utilities and the cost to set up that access is essential if you want to build on the lot in the future.
Tip #5: Get Comprehensive Title Insurance
Fifth, it is essential to get comprehensive title insurance for the property. This will help you protect the property you are purchasing. Be sure to purchase comprehensive title insurance.
When it comes to purchasing a lot, you need to check for liens, get a survey done, verify the zoning for the property, research access to utilities, and get comprehensive title insurance.
For more information about lots for sale, contact a local real estate office.Share