10 Mistakes to Avoid When Buying Cheap Land
Doing Your Research
The most common mistake made by buyers is not doing enough research into the land they’re looking at. Before making any decisions, familiarize yourself with all of the facts and details about the property, including zoning laws and restrictions, geological conditions and topography, as well as possible access issues. Even in rural areas, there may be restrictions regarding how and what you can build on the property.
Not Hiring an Attorney
You should always hire an attorney who specializes in real estate law when purchasing land. An attorney can help ensure that all paperwork is filled out correctly and legally binding contracts are written up properly. Additionally, they will help protect your interests throughout the entire process.
Failing to Understand Deeds Understanding deeds is vital when purchasing cheap land; this includes knowing how title is transferred from seller to buyer as well as understanding liens or taxes that may still be owed on the property. A reputable real estate attorney will be able to explain all of these details so you have a clear understanding of exactly what you’re getting into before making any commitments.
Not Examining Easements It’s important to understand any existing easements on the property you are considering buying; this includes utility easements as well as public access easements (which allow people to pass over private property). You should also look into restrictive covenants which limit certain activities that are allowed on certain properties (e.g., no hunting). Not being aware of these types of restrictions could lead to legal trouble down the line if they aren’t heeded.
Buying cheap land can be a great way to invest in your future without breaking the bank, but there are many potential pitfalls that come along with it if buyers aren't careful. To make sure you're avoiding costly mistakes, do your research ahead of time, hire an experienced real estate lawyer who specializes in such matters, examine existing deeds closely for potential liabilities and restrictions, and investigate any existing easements or covenants that may affect how you use your new lot or parcel of land once purchased.. With some due diligence and patience during the process, finding a great deal on cheap land doesn't have to be a challenge!