LAND PURCHASE CHECKLIST
Land is a type of real estate, it comprises of vacant land, ranches and working farms. It is a property investment that is highly capital intensive and so requires thorough scrutiny of the process involved in its purchase.
There are legal requirements and procedures to be adhered to before purchasing a landed property. This article provides a list of necessary points to check before you purchase a landed property.
- SIZE
The size of the land you intend to purchase is very important. This will help narrow out the budget for the project and will provide direction on the usage of the land.
- TOPOGRAPHY
This is related to the physical make up of the land, i.e., the soil type and location. The environment of the land you intend to buy a landed property is key, this could either mar or make your investment in the long run. It is therefore ideal, that the environmental condition and location of the land be assessed before payment is made.
- PRICE
Setting a budget on the land you intend to acquire is pertinent, this will guide you in deciding on the size and location of your desired investment.
- PURPOSE
The reason for the land acquisition is paramount, you will need to decide on what you intend to use the land for and also the duration of the project. This is because there might be certain laws or regulations that have been enacted before certain projects can be executed on some landed properties. It is therefore important to ask if any of such regulations exist before purchase.
- TITLE DOCUMENT
This is one major factor in your land purchase project that is very necessary. The Title document of the property needs to be specified and other legal documents pertaining to the property scrutinized by a legal practitioner. This is necessary because it will help in discovering if there are any encumbrances or indebtedness associated with the property before payment. This is done to avoid any arising legal issues. The original and legal documents for the land should be provided and thoroughly verified.
REMEMBER: My Own Recipe for World Peace is A Bit of Land for Everyone. – Gladys Taber
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