5 Important Questions to Ask Before Buying Land Real Estate
Buying land is a huge financial investment. The best thing, its value increases with time. Due to the higher returns associated with this, there is a possibility of dealing with unscrupulous land-selling agents who may con you or give you a raw deal.
Therefore, don’t be in a hurry to complete the transaction. Even if the property seems perfect, there are several questions to ask before taking out that checkbook.
And remember, there is so much you need to know about the property that a seller may not tell you right away. Asking these questions when buying a house and land in Wallan ensures you get value for your money.
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Is the Land Under Any Easements?
A conservation easement prevents owners from clearing, planting, or hunting in certain areas to protect the natural resources. While these easements are good for the environment, they’re not ideal for a buyer.
Therefore, before making the payment, ask the seller whether there is an easement on the property.
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What is The Property Zoning?
Is the land buildable? Is the land commercial, residential or agricultural?
These are factors to consider as they determine how you use the new parcel. For instance, camping and RV-ing may be an ideal activities, but do the property zoning laws allow this?
The best bet here is to contact the planning and zoning department directly. Yes, the seller may describe the zoning of the lot, but it is advisable to confirm from the source.
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What Rights and Titles Are Included with the Property?
Property rights are the benefits you enjoy as the lot owner. These include mineral rights, development rights, and road access rights.
The titles are a bit trickier. They represent a bundle of rights present in a piece of land. Such include exclusive possession and access easement. The titles are passed down from one property owner to the other.
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What is the Chain of Title?
In simple terms, do you know who the property owner is? Yes, this may seem obvious, but don’t take it lightly.
Scams happen where people advertise and sell land they don't own. The more common instance being where the previous owner is now deceased and didn’t leave the property to a new owner in a will. With this, the chain of title may become clouded and messy.
To determine that the chain of title is clear, ask the seller to share a copy of the deed certificate. If they don't have it, check on the deed history.
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What is the Property Back Taxes?
You already know who the property owner is, the next step is to determine the back taxes, debts, and liens attached to the property. This is important to ensure you don’t get stuck with a property you love but has hundreds or thousands of dollars owed on it.
And yes, as a new owner, you’ll be responsible for paying these debts.
Conclusion
Knowing what to ask and look for is important when buying property. It ensures you get value for your money.
