Top 3 Things Before Buying Land
How to Buy Land: Top 3 Crucial Tips for a Successful Purchase
Buying land can be an exciting investment, but it is important to take necessary precautions to ensure that your investment is worthwhile. Whether you are looking to build your dream home, start a farming business or invest in land, there are a few key things that you need to check before finalizing the purchase. In this blog post, we will discuss the top three things that you need to check before buying land, and offer a bonus tip to help you avoid any potential disputes with your neighbors.
Check the Flood Zone
The first thing that you need to check before buying land is whether the property is in a flood zone. This is particularly important if you are planning to build a home or any other structure on the land. Floods can cause severe damage to buildings, and it is important to avoid buying land in areas that are prone to flooding.
You can check the FEMA flood maps to see if the property is in a flood zone. FEMA flood maps are publicly available and can be accessed online. These maps will show you the areas that are prone to flooding, and you can use them to determine whether the property you are interested in is in a flood zone.
Check for Liens on the Property
The second thing that you need to check before buying land is whether there are any liens on the property. A lien is a legal claim on the property that gives the lien holder the right to take possession of the property if the owner fails to repay a debt or fulfill a financial obligation. If there are any liens on the property, you may end up losing your investment if the lien holder decides to take possession of the property.
You can do a title search to see if there are any liens on the property. A title search is a process of reviewing public records to determine the history of ownership of the property. This will help you identify any liens on the property that may affect your investment. If there are any liens on the property, it is important to resolve them before finalizing the purchase.
Check the Chain of Title
The third thing that you need to check before buying land is the chain of title. The chain of title is a record of all the people who have owned the property since it was first registered. It is important to check the chain of title to ensure that the current owner has a clear title to the property and there are no defects in the title.
You can do a title search to see if there are any defects in the title. A defect in the title can be anything that affects the ownership of the property, such as an unrecorded easement or a missing signature on a deed. If there are any defects in the title, it is important to resolve them before finalizing the purchase.
Bonus Tip: Get a Survey of the Property
In addition to the three things mentioned above, it is also important to get a survey of the property before finalizing the purchase. A survey will show you the boundaries of the property and will help you avoid any potential disputes with your neighbors. It will also show you any encroachments on the property, such as a neighbor's fence or driveway that extends onto your land.
A survey will provide you with a clear understanding of the property boundaries, which is essential if you are planning to build on the land or use it for any other purpose. It will also ensure that you are not encroaching on your neighbor's property or vice versa.
Conclusion
In conclusion, buying land can be a great investment, but it is important to do your due diligence before finalizing the purchase. The top three things that you need to check before buying land are the flood zone, liens on the property, and the chain of title. In addition, getting a survey of the property is a bonus tip that will help