Thinking of buying land? Think it is easy? Here are some factors to consider before buying.
You will probably need these professionals in your corner:
- REAL ESTATE AGENT
- ARCHITECT
- BUILDER
- ENGINEER
- LENDER
- REAL ESTATE ATTORNEY
Each of these professions does its own specialized job. And as professionals, we will try to stick to our areas of expertise. Venturing into areas where you are not a trained and experienced expert can lead to legal liability, lawsuits, and insurance claims. I, as a REAL ESTATE AGENT, defer to qualified professionals for things other than Residential Real Estate.
- Identify the project purpose. Is it to build a single-family home, multi-family home, condo, manufactured home, or commercial application?
- Identify the zoning. Read the town's bylaws regarding zoning. If you are looking for residential, be advised that there are multiple types of residential, for example, some applications are Agricultural, Residential, Residential Business, Residential Rural, or Commercial, each has its own frontage, setback requirements, identifies wetlands or irregular-shaped lots. Also, the percentage of land that can be used for a building. Read the town zoning bylaws. Talk to the town Zoning Enforcement Officer. They are a great resource.
- Verify ownership and seller, make sure the contact person is really authorized to sell the land. Identity theft and scammers are all too common these days. Check the deed and registry of deeds, check for liens, delinquent taxes (takings), easements, and rights of way. This is where a good real estate attorney can assist with a title search and title insurance.
- Engineering for septic (if municipal sewer is not available). The price of a septic system will depend on the number of bedrooms it is rated for. Other factors include the topography of the land and proximity to water. Once your system passes the BOH (Board of Health) inspection, it will be issued a certificate of compliance. This will be in effect for up to 3 years. However, if you have the system pumped within that time, it extends the Certificate by an additional two years. If you do not have it pumped, and three years elapse, you will have to have a Title V inspection (MA). This testing will check the health of the septic system and issue a multi-page report. Also, you will need to know if there is ledge, large boulders, and perhaps the need/ability to drill a well, if not municipal water.
- If water is on or near the property (including a high-water table), then a visit to the conservation commission is a must do. The Conservation Commission will detail what kind of test will be required, timetables, erosion barriers, plantings, and documentation.
- Identify your necessary offer contingencies (perc test, conservation approvals, building permits, engineering, special permit, and/or variances.)
After giving serious consideration to the above questions, are you ready to write an offer?
Let me know, and let’s get started!
