Call me strange, but I think land ownership is the coolest thing. Having space around you, dirt, freedom, air. It’s hard to explain. But it’s not all peas and carrots, you need to be careful when buying land.
One might think that the absence of a structure means no inspections are necessary, but it’s quite the opposite. Real Estate is one of the most litigated transactions on this planet, you need to mind your p’s and q’s. There are three must haves when I buy land, while not all inclusive, they are things I would not live without.
- Know the boundaries. If they aren’t apparent, you need a survey. This can sometimes be negotiated to be paid by the buyer, or at least the cost shared. You have to know what you are buying. That apple tree you love so much or that stream, could very well belong to someone else, so make sure you know what you are buying.
- A thorough investigation of the title report. Title reports reference many small recorded documents, request each one of them and read them completely and request any additional referenced documents.
- Check for land use restrictions. Is it in open spaces? Agriculture? CRP? Some use restrictions may apply and penalties are steep for not properly using the property.