What should you know when buying land?

Home inspections are the norm in today’s real estate market. A purchaser looking to buy a house understands the importance of hiring a professional inspector or inspectors to check the home out from top to bottom including but not limited to the electrical, heating and air, roof, plumbing and structural components of a home.

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.

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- Greg Staker - Watson Realty Corp. - 407-304-0255