Land selling is not an easy process. If the property has issues such as title or back taxes, it can take days, months, or even years. You need to invest time and be patient with the process.
Questions such as land zone, taxes, ownership of the land, legal and physical access to the land, etc., are highly important. It is crucial to get a complete idea of where the land is located and the historical data to proceed further. We discuss in detail finding & acquiring land past the traditional routes.
How to Find & Buy Land
Consider this scenario: you are searching for a property in an unfamiliar area. How do you do your due diligence to know what you’re getting into? The first step is to know how much the investment is.
If you’re buying a piece of property at $3,500, there is not much risk, and you don’t have to worry too much about assessing it. However, with a property priced at $400,000, you must research and learn all about it!
Fundamental Assessment
These are some key things you need to find out about a property you’re interested in. You can search online about them.
Ownership of land
The first thing you need to do is confirm the ownership and the dates. Moreover, you need to search for the current owner’s identity.
Taxes
A major issue arises once the land is bought. Thus, you need to ensure all taxes have been paid. Also, find out the amount of taxes you need to pay yearly.
Title
Assess the chain of title and see if you’ve been given the right information.
Neighbors
It is wise to keep an eye on the neighboring properties as well. You can check out if you find one that is available and fits your criteria.
Satellite Imaging
Be sure to check out the basic satellite imaging of the area so that you get a clear idea of what you’re looking at as a potential property.
Legal and Physical Access
Ensure that the property has all the legal and physical access it needs. Often, there are a few areas where you can access due to a road.
Easements
Ask about any easements with neighboring properties. An easement is needed in case of a landlocked property. In this case, you need legal easements from neighbors.
Advance Due Diligence
Once satisfied with your basic assessment, you can move on to the advanced one and get all your answers.
Zoning
You need to call the zoning department and ask about the zoning laws and rules.
Land Survey
Get a land survey done. It will help save time and money.
Septic
What are the rules for infections and diseases that you need to know about? Find out all.
Back Taxes and Liens
Find out if there are any back taxes on the property of your choice because this could get you in a problematic situation if you buy it.
Gone are the days when you had to physically go and see the property yourself and talk to agents about it. Today, you can find and buy land beyond the usual routes and make the process easy. It’ll save you time, effort, and money.
