What about purchasing a piece of land or vacant ground? What a buyer may need to inspect or perform due diligence is not as clear as when buying a home. Buyers need to avoid making the mistake of relying on verbal opinions from the seller and/or agent. It is important to have an inspection contingency as part of an offer to buy land.
Items a buyer should be concerned with include:
- Are there any pending legal actions against the property?
- Are there any violations of zoning or covenant restrictions?
- Has there been eminent domain proceedings started against the land?
- Are there restrictions that prevent the property from being resold or leased?
- Are there encroachments or easements that affect the property?
- Is the property low? Contain wetlands?
- Are there any environmental issues? Underground tanks? Contaminated soil? Abandoned wells?
- Is the property in a flood zone?Are their utilities on or near the site? Will you need a septic system?
These are a sample of the questions a buyer should find the answers as part of their buying process. Having a professional real estate agent who is experienced in land sales can save a buyer time and money lost from a costly mistake.
Related Florida real estate views:
- Greg Staker - Watson Realty Corp. - 407-304-0255
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