Kindly tell something about buying resell/ resale land property.The land area is inside the subdivision.

Question

The land area is inside the subdivision.What are the procedures that must do and verify before buying the resell property as well as the papers that need notice. thank you!

Answer 1

The three most important questions to ask when purchasing land you want to construct any type of dwelling on is:

1.  Is the land in a flood plain?

2.  Does the land require a septic system or is it connected to a municipal sewer system?

3.  Are there any easements or right of ways going through the property?

If all or part of the land is in a flood plain then you can't build anything on that area.  They type of waste disposal the land requires is very important as a septic system can cost a good bit of money especially if the soil isn't correct for a standard septic system to work.  They easements or right of ways can be readily seen on a survey of the property.  These usually aren't a big deal but can affect where your building can go.  

A few minor things you are going to need to get are the covenants and restrictions for the subdivision and the set backs.  The set backs tell you how far from the front, back, and sides of the property you have to be to build a home or dwelling.  

I have been building and drawing house plans for 13 years and I have seen some disasters on buying land before.  I would suggest getting a builder or engineer to look at the land before you buy it.  Good luck!

Answer 2

If it is in a subdivision more than likely there will be restrictions placed on the deed or maybe even other rules.  Made sure you understand them and can live with them.  Your home may have to be a certain size, color, style etc.  Some subdivision have some very strict rules, others don't.

As far as other things, use a title company.  Have an attorney look over the contract.  If you are unfamiliar with the process it would be wise to involve professional that are,

ADD:  DO NOT TAKE ED's ADVICE, fraud and mistake can easily happen this way!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!  Follow Eds advice and what happens when the deed the seller presents is an old one and the land has been since sold.  What if this type of transaction has happened on this piece of property a few times and it wasn't recorded.

Go to a title company, pay them, they will assure that it is a good deed, general warranty deed, and it is legit.  If they s***w up you will be covered.  If you go Ed's route you could fine yourself in court fighting for land you payed for but you just happen to be one of many owners.  FRAUD HAPPENS IN REAL ESTATE, not everybody is honest.

Answer 3

That is why you get a Real Estate Agent that is licensed in your state.  They are the ones that will represent your interests in the transaction.

The seller pays the agent, not you.

The seller also won't give you a discount, if you buy on your own or if you bring an agent.

Answer 4

You sit at a table with the owner.  She signs the deed. You put your money on the table.  She slides the deed to you while you slide the money to her.  Could not be easier.  You are now the owner.  If you get a loan, you slide the loan money to her.  Not many banks loan on land so this will probably be a cash sale.

You ask the city if water and sewer and trash and curbs and gutters and streets are available now or coming soon.  If coming soon, what will they charge the owner (you).  Talk to the neighbors to see if they are having any trouble with the soil or flooding or insects.  /