5 Documents To Avoid a Terrible Buying Process
Congratulations! You just found the piece of property you want to buy and you can’t wait to get the buying process started! Before you get too far into the process, avoid having a nightmare buying process
1. Most Recent Survey
We know the purpose of surveys. They specifically identify the borders of your land, and a survey leaves no question about where you can legally place your fence and where you have crossed the line.
It is essential to request the most recent survey before heading to Closing. A recent survey helps identify the exact acreage you expect to close on, so there aren’t any surprises. It also identifies flood plains, other environmental factors, land improvements, and restrictions.
2. Clear Title
A clear title is necessary for a successful transaction. If you are completing a cash purchase or owner financing, it is imperative to run a title search. If you are financing through a lender, most, if not all, will require a clear title to close.
If there is a claim against the title or any other encumbrance discovered after purchase, it could result in you being responsible for a resolution. At Legacy Farm Group, we do the background research to ensure that all our properties have a clear title.
3. Environment Tests
Know your land inside and out. Receiving all associated environment tests will help identify the usefulness of the land in line with how you want to use it.
Knowing the environmental status of the land before going to the closing table informs you of any drastic changes. Environmental tests include changes to the land that can prevent you from carrying out your intentions, such as building a structure, starting a homestead, or even encountering a future sinkhole.
4. Copy of Restrictions
Knowing the restrictions is important to you understanding what you can add to the property and how you can use your land the best. Restrictions are meant to protect your investments and others, and it also saves any potential legal mishaps resulting from unknowingly violating these restrictions.
Considering this, it is important to clearly identify your land acquisition criteria beforehand. Doing so drastically minimizes the possibility of experiencing problems with regulations, even if it is a case that requires prior approval.
5. Permits and Leases
An excellent way to identify ongoing activity with the land and confirm the utilities you will need to set up or have installed is to request an audit referencing all active and previous permits in addition to active leases on the property. Getting ahead of this information allows you to determine how you will use the land when you buy.
This article outlines 15 other documents you’ll need for closing! Check it out here.
Deciding to purchase land in Tennessee is a significant step forward in land ownership. When you work with the property experts at Legacy Farm Group, you can be sure that we will provide these documents for you so that you can get on your land as soon as possible!