A checklist when purchasing property without a building.
In this kind of market some buyers are willing to purchase a buildable lot if they can’t find a house that’s right for them.
Buildable lots have a different set of checklists that may not be necessary when buying an existing home; in some cases they don’t include the same items.
When you’re buying a buildable lot, most likely sewer service, utilities and certain subdivisions should be investigated.
Title Issues
Title issues need to be properly researched by a professional licensed title officer. The title search, amongst other things, will review prior deeds, tax information and records, easements, and other factors affecting the legal transfer of property.
Usually the first stop is the tax records for the property, which are matters of public record. Most property tax records are available to the public online.
Other things that need to be covered are the water resources that may be part of the property such as tidelands, wetlands, rivers and streams. Tidelands issues can become very involved since they may involve state and federal agencies such as the Environmental Protection Agency. This is another reason why vacant lots should be reviewed by a professional title officer. Another term relating to water rights is referred to as riparian matters.
Sewer
Most towns and municipalities provide sewer services to properties. It may be necessary to make sure that a connection is available. The purchasers should reach out to the town clerk, who will provide the necessary information as to its nature, how expensive it will be and how far it is from the nearest sewer line. In another case, it may have to have a septic system that may need to be installed. When it comes to installing a septic system, a separate improvement permit will need to be obtained.
Water
Water hookups or permits may be needed in order to provide the proposed building the necessary public water system.