Are you ready to buy a plot of land? Buying land for the first time can be one of the most exciting things you have ever done in your life – and it may also be one of the scariest things you have ever done as well. The last thing you want to do is make the wrong decision.
Questions to ask when Buying Land for the First Time
If you have found a plot of land that is in the perfect location and you are ready to purchase, the smart thing to do is to ask a few questions before you close the deal. Make a list of everything you need to know, and be sure you get straight answers before signing anything. Here are a few questions to get you started:
Ask About Access Rights
Many people do not think about access rights when they are buying land for the first time. Knowing what and where they are on a plot of land is extremely important. For example, you need to know if the plot has good access to public highways and vehicular access.
Be careful of a “ransom strip” access. This is where the landowner keeps back a part of the land between the plot you want to buy and an access point. This means that the landowner can negotiate with you to pay extra to get to the access point.
What are the Conditions of the Grounds?
Before buying land for the first time, you need to know if the land is on a floodplain. Depending on what you want to do on the land you need to know ahead of time if it will be too rocky for digging foundations.
You should find out if the ground is level or if it is sloping because this means it will cost you more to develop. Hiring a surveyor will give you all the information you need about the land before you make the purchase.
If the land is susceptible to flooding, additional insurance may be required. This is a separate policy from home insurance or farm liability, so be sure to check with a licensed insurance agent in the area where your new land is.
Ask about Water before Buying Land for the First Time
No matter what you are planning to do on the land, you will likely need water to do it. Before buying land for the first time, you need to know if there is a main water connection on the property. If there isn’t one, you should check if there is a well.
If none of these are available then you’re going to need to get your own supply of water. Having water lines and mains installed can be costly. Needless to say, it is always better when water is readily available.
Dig Deeper
You should find out why the landowner is selling the property and if there are any property line disputes currently underway. Property disputes can often occur between neighboring landowners or because of an existing lease.
The last thing you need to do before buying land for the first time is to get yourself involved in pre-existing disputes. These disputes can impact the conveyance of the land. Conveyance is a tedious process. It doesn’t matter whether it is commercial conveyancing or residential conveyancing, having disputes to deal with can make the process drag on longer than it should.
Make Your Purchase
Once you have done due diligence and investigated whether there are any issues surrounding the purchase you are ready to start the process of buying land for the first time. Always ensure that you find out all you can about a property beforehand.
Make sure you get good access rights and water. Ensure that there are no outstanding disputes between the present landowner and others. This will ensure that all legal processes go through smoothly and that you can gain possession of the land a lot more quickly.