Before you close?

Soil Study
If you are buying acreage or a lot remember the soil is important. So get to know a local soil scientist and ask relevant questions regarding the usability of the soil on your land. If it?s a newer subdivision you will find that there might already be a soil test and it might just be current. If the soil test is not current then make sure you get it updated prior to closing. If you are purchasing a large tract and are not thinking of subdividing I would still recommend a soil study. A person never knows when and if they will have to part with their dream land and soil will likely be a future concern for your future buyer. Look under the hood and hear what your soil is telling you.

What about a survey
No matter what get a survey. It doesn?t matter if we are dealing with a small lot in the city limits or a 500 acre tract out in the country. A survey of your land will reveal any problems or irregularities that could likely be corrected prior to finalizing your transaction. A survey will show you everything you did not see or even something a Broker might have not been informed of during the listing period. It might even unveil information that the current property owner was not informed about prior to selling. There are encroachments, right of way issues, disputed boundary lines, existing roads, deed discrepancies and so much more. Most surveys don?t turn up adversarial information but when they do, it is done inside the due diligence period where it can be addressed and likely corrected.

Appraisal
Why not? Why not verify current market value. Appraisers are the professionals that can share with you the true market value of your property. It is often done by researching like kind properties and adjusting for their differences. Most will look for very similar properties nearby. Depending on the land?s distinctiveness the adjustments will vary. For instance if your land has a home, a barn or infrastructure as opposed to simply raw land the value will change when compared to a like kind property with almost the same features yet differing in one or two ways. The value of an appraisal is measurable not only to you but your lender. If you are buying it cash a lender will likely not demand it so it is highly recommended that you demand the study yourself. Ask your Broker for a list of qualified appraisers in your area.



Power and Utilities
A question that doesn?t come up often enough is utility access, cost or easement. Even if the power line is as close by as across the street that does not mean that there is an existing utility right of way. Remember that examination period or a due diligence period is imperative to your learning curve. Ask the owner or Broker if the property has access to utilities. Make sure that your closing firm or attorney is sure that you have access to utilities. Many power companies will carry the power line from an existing location to your new home at no cost but only for a limited number of feet. Get to know the power company designated to your backyard and know your cost up front.

Nature and your land purchase
Ask your broker or the county planning folks for information on the land and the zoning of the land. There are areas that are not in the city limits but fall in their territorial jurisdiction. There are flood zones that are not obvious. There are water regions that highly protected. Study your local city and county maps regarding the land you are buying. They say that you make your money when you buy it and the funds materialize when you sell. We always think that we are buying for ever but just in case it is good to be in the know.
Zoning
What about zoning? Well it all depends on where you are buying. Some counties have NO zoning but it is best to know what you won?t be able to do on your land before you buy than after you close. Check with the planning department about what regulatory issues you will be faced with once you buy the land. It?s always important to know what you won?t be able to do because the other list might be too long. Ask about term limits to the restrictions. Find out if there is anything in the works with regards zoning. Look over any county maps and talk to the Planning Department.

Builder/Contractor
If you know your builder already have them visit your land with you. If your home construction is imminent then all the more reason to have them look at it. Your builder will be able to share with you any limitations that the land offers but more likely than not they will tell you what is possible about building on your land. Ask them about grading, driveway, underground utilities, house plans and anything else that comes to mind during your examination period. Contractors, generally, have incredible vision and can see much more than the average observer.



Read the Deed and/or Restrictive Covenants
Look for a current deed to the land you are interested in buying. Read the deed, with an attorney would be highly recommended and get acquainted with any restrictions that the deed might call for before closing. That language runs with the land in perpetuity so make sure you are comfortable with it. Most restrictive covenants should be called protective covenants because in the end they look to protect the land owner from the offensive actions of others. They are not so much restrictive as they are corrective. The higher the density of a neighborhood the more restrictive the language so do not let all that language panic you just get to know it and ask your attorney if any of it should concern you.

Well and Water
If there is no city water available then wells are likely the route you will have to take. Get to talking to lots of people about wells in the area where the land you are buying is located. Find out about wells in the immediate area. This is not an exact science but it certainly will raise flags in the event that the area might be problematic. Most of the time well water is available. At times Buyers will request that the Seller drill a well prior to closing. This practice is not common so don?t anticipate a welcome committee in the event you decide to request such a well. Don?t dismiss dowsing but do talk to well drillers and have them share their knowledge and cost for your future well.

Title Insurance
Absolutely you should have title insurance. There a so many reasons but the basic one is to cover your investment and all that you build on it. One thing to remember is that you should update your policy to cover any buildings erected since you closed. Speak to your title company or your attorney regarding this issue but simply put don?t pass up on title insurance.

See you in the woods,
Jackie Cure