| buying_land.pdf |
When buying raw land, it's important to take several precautions and conduct various tests to ensure that the property meets your needs and doesn't come with unexpected issues. Here's a checklist of considerations and tests:
1. Legal and Zoning Research
1. Legal and Zoning Research
- Zoning Laws: Verify the zoning regulations to ensure the land can be used for your intended purpose (residential, commercial, agricultural, etc.).
- Land Use Restrictions: Check for any easements, rights of way, or covenants that might limit how you can use the land.
- Permits and Approvals: Understand what permits are required for building or developing the land. This includes any environmental impact assessments.
- Property Boundaries: Hire a surveyor to clearly define the property boundaries and ensure there's no encroachment.
- Soil Testing: Conduct soil tests to determine the suitability for construction, agriculture, or other intended uses. This includes testing for soil composition, contaminants, and drainage.
- Percolation Test: If you plan to install a septic system, a percolation test will be necessary to evaluate how well the soil absorbs water.
- Environmental Assessment: Check for any environmental hazards, such as flood zones, wetlands, or protected wildlife habitats.
- Water Source: Determine if there is access to a public water supply or if you will need to drill a well. Test the water quality if a well is required.
- Sewage and Septic: If the land is not connected to a municipal sewer system, you'll need to plan for a septic system and ensure the land can accommodate it.
- Electricity and Gas: Check the availability and cost of connecting to the electrical grid and natural gas lines, if needed.
- Road Access: Ensure the land has legal and practical road access and check the condition of the access roads.
- Land Valuation: Have the land appraised to ensure you’re paying a fair price. Compare it with other properties in the area.
- Taxes and Fees: Understand the property taxes and any other fees associated with the land.
- Financing: If you're financing the purchase, confirm that lenders are willing to offer loans for raw land, as it may differ from financing for developed properties.
- Topography: Assess the land’s topography to determine how it may impact construction, drainage, and access.
- Natural Hazards: Investigate potential natural hazards like landslides, earthquakes, or erosion.
- Proximity to Amenities: Consider the distance to schools, hospitals, grocery stores, and other amenities.
- Future Development Plans: Research future development plans in the area that could impact your land, such as new roads, commercial developments, or zoning changes.
- Title Search: Have a title company or attorney perform a title search to ensure there are no liens or legal issues with the property.
- Consult with an Attorney: It’s wise to have a real estate attorney review any contracts or agreements before you commit.