Few if any assets will give a true sense of American pride as that of land ownership. The responsibility to really know what might and whom rests straight on the buyer. In some states, sellers are required to give a disclosure of what they know about the land, but these disclosures typically are not guarantees of condition. Here are a few of the questions a buyer might ask: Title and Land Administration
1. What is the legal description and will the parcel have a survey of record, are the survey pins available to witness
2. Exactly what the legal accesses, if, and whose land you have cross to access the land, called easements. Carry out not rely on the fact that a street is to or through the exact property. It may well not a have a legal right to use the street,
3. Is the subject land subjected to others privileges to cross the property called dominant tenements,
4. Are services available to the property such as sewer, water, phone lines, power, cable, etc.. Does indeed the cost to get any of these services be the responsibility of the customer, is the property annexed or subject to an agreement to annex to a city,
5. Does the parcel be required to pass an illinois perc test for a septic tank,
six. Will a proper be required and at what cost,
7. What is the quality of water in the area, neighbors can be a good source of information
8. Is usually the parcel susceptible to special zoning districts of contribution,
9. Do others have the right to use, remove minerals, cut hardwood, or harvest crops
15. Can a building grant be given on the land, see whether any limitations from neighboring properties are present such as a view corridor or non-buildable areas
11. Is the property found in a floodway, ton zone of have probable for flooding,
12. Can any flood issue influence a building permit or cause unanticipated building bills to the customer,
13. In the event that farmground, exactly what are the resources of water, would be the resources shared with other land owners, if surface normal water do you share a head gate? What method will wastewater be taken away, prior property uses and soil types(may have more than one),
14. Happen to be there any current differences with neighbors or have there been any conflicts during the past,
15. Do fencing exist and who has the right or requirement to maintain them
of sixteen. Are there any nuisances nearby the property such as “train tracks”, road sound, agribusiness smells, factories, loving dogs, screeching peacocks or bright lights. Visit the property several times at different hours, especially at nighttime. Is there anything that might disturb sleep or use of the property,
17. Is there any evidence of dumping, dangerous waste, garbage, old auto tires, or pesticides and weed killers,
18. Review a current title report to confirm that the seller is in fact who will be advertising the land and is also able to enter into a contract, verify legal gain access to and location of documents. Have Title officer bring out on the map all easements of record.
19. What are the encumbrances of the land. What are the loans, Local improvement districts or LID’s, boucan easements or limitations to development, life estates
When this may not be an all comprehensive list it will help you in knowing what basic questions should be asked and who will be qualified to represent your interests whilst in the purchase of raw land. The task and the purchase of raw land can be cumbersome and high-risk, but you can decrease the risk by pursuing a rigid checklist and hiring a specialist in your area that understands and understands the complexity of the land acquisition.
A competent land broker may already have a package deal with many of these questions answered, however do not rely after the listing broker as they represent the landowner. When ever considering the getting uncooked land contact several brokerages and interview them for the job of aiding you in the purchase. Suggest they tell you the sort of questions you should look at requesting during the process of purchase. If the list falls less than what is written here keep buying a qualified broker. Many real estate agents are not qualified to support a buyer in the purchase of land as most concentrate their time in offering homes, townhouses and commercial property and don’t pursue the education necessary to be efficient as a land broker.