Finding cheap land for sale may sound great but that is only true if the land is kosher and there are no hidden challenges. In order for you to be able to manage and consider these challenges you have to know what the situation is behind the owner of the land and its current status, which requires research and knowledge. Now in most cases you are going to find cheap land which had absolutely no caveats and which instead is ready to pick up at a great price, which you are hopefully going make a profit on. Nonetheless it always makes perfect sense to do your due diligence and these are the things which you should be looking out for.
Any Liens In Place
To put it simply a lien is a deal in place which uses the land as collateral against a debt, which the previous owner may have racked up. In some cases we find that the person who originally sold the land actually didn’t have the right to because of the fact that they were in debt trouble and that would have resulted in the land being reclaimed. The danger for you is that you may have months and months of expensive court proceedings, or in some cases the sale may be cancelled altogether.
Some plots of land may appear as though they are all lined up to have buildings constructed on them but this is not always the case and you may find that the land is acreage which is not permitted to have any properties or buildings constructed. Again this is something which you will need some legal assistance with in order to make sure that you do have complete flexibility in terms of the land and what you can do with it once you are the owner.
There has been some issues in the past where land has been sold which is susceptible to damage and that is perhaps why it is being sold cheaply, naturally this is something which you will be keen to avoid and that is why you should always check to make sure that the land which you are looking to buy is not susceptible to land erosion, mudslides or on a flood plain. Things may look great when the land is dry, but when the rain comes, you’ll soon know about it if your land is on a flood plain.
Finally it is going to be very important that you check the zoning laws on the land and that everything is watertight here. Sometimes there is an existing title insurance but this doesn’t cover any potential zoning issues that there are.
The key to making sure that the piece of cheap land which you have found is all above board is to get legal assistance and use experts in land buying and land legality, in doing that you can make sure that you are completely covered.
To read more on topics like this, check out the Budget category