When considering purchasing vacant land a buyer should do the following:
1.) Soil Evaluation : Evaluate soils suitability, grading, drainage and other soils matters.
2.) Zoning and Other Land Use Regulations: Check with Zoning to see what can be built on the land.
3.) Survey: Have property surveyed for lot size, boundaries, easements and encroachments.
4.) Water Supply Inspections: Is it public or private water? If
public, how far is it to hook up to city water line? The cost is a
factor.
Is well water available and the cost to put system in?
5.) Sewer and Septic Inspections: If property has sewers, how far
is it to connect and the cost to connect? If Septic, what type of system
is allowed? Have qualified contractor conduct Perc Test to see
absorption rate of water to ensure Septic System will function properly.
6.) Availability of Utilities: What utilities are available; Electric, Gas, Cable, Telephone, etc., and the cost to connect?
7.) Environmental Survey: Have an Environmental Survey conducted to ensure there are no pollutants in the soil.
8.)Natural Hazards Disclosure Report: Certain Hazard Zones are
mandated by federal, state and local laws. Buyer should consult with
local zoning for any disclosures of possible hazards such as Airport,
Railroads, High Tension Power Lines, etc.
9.) Homeowner’s Association Documentation: Is there a HOA: If so, buyers are encouraged to review and accept.
10.) Split Potential of Property: Buyer should consult with local
government regarding the plan for the area and see if there would be any
use adjacent or near property that would affect future value of subject
property.
11.) Permit Records and Code Compliance: Buyer should consult with
local building department to see what permits are needed when building
and other factors that could affect the building process.
12.) Appraisal: Have the property appraised to ensure value.
Contingencies are important in the purchase of vacant land. Make
sure you know what you are buying and talk to the professionals to
ensure.