First, make sure to check whether the property you’re considering is zoned for residential or commercial use. If so, you should know what your legal obligations will be if you purchase the property. Also, check whether the surrounding area is predominantly commercial or residential. If you intend to build a residential structure, it’s best to avoid purchasing land in an area where industrial and commercial activities are predominant.
Secondly, you should check if the property or land is prone to natural disasters. For example, if the area is prone to fires, you should know whether you’ll be able to build on it. Also, you should check whether the soil is suitable for building, since this will affect the cost of foundation and landscaping.
Lastly, check if the title is clear and marketable. If the land is under lease, you should check if the seller’s lease has a renewable clause. You should also confirm whether the seller has paid off all the loans he took. If he has, you should ask for a release certificate from the bank, as it proves that the land is debt-free.
Once you have all the documents you need, you should make a written offer. In most cases, land is sold through a power of attorney (POA). Before signing the POA, make sure you know who the previous landowner was. If not, you could end up with a messy chain of title.
Finally, you should always confirm that your money is secure and easily accessible. It’s also a good idea to take the property for a walk-through. This will help you determine any problems, and make sure you’re happy with your purchase. It’s important to make sure that you’re not falling victim to shady business practices.
Visiting the property in person is the best way to ensure that you’re not making a mistake. Purchasing property or land requires a significant investment of time and money. Make sure the property is right for you and your needs. If you’re serious about homesteading, visit the property in person first to see for yourself!