Posting Buyer's Tips for use by our readership as they search for their "Dream Property". From a series of articles written in 2004 - LCF Group.You may have some “curious” questions for thecurrent owner, in addition to some of the following:
How long have you owned the property? Someone who has owned the parcel only a short time may not reallyknow it’s long history, and may not even be familiar with the wholeacreage. Ask politely who the previous owner is in such a case.
Why are you selling the property? Listen as the current owner discloseshis plans.
What do you see as the best features of this property?
Do you own the access to your property? Or is access simply a rightof way?
How soon can you sell the property? Ensure that his time frame willcoincide with your own for buying it. A property that is part of an estatein probate may equal more time than you can afford to wait.
Are you able to sign the Deed over or are other parties involved?It may not be a problem to coordinate multiple sellers, but it is good toknow about it right away. A situation of several heirs, some of whom maynot be easily reached for signature, is a potential delay of closing onyour purchase.
In what manner are you selling the property? Do you hope for cashnow or are you willing to finance? What deposit would you require &over how many months or years would you accept payment?
What is included in the purchase price I have been quoted? What real& personal property will stay and what will go? Do not assume that everythingyou are looking at will be included in the transaction.
Will you tell me about your neighbors? Try to determine the relationshipbetween this owner and his neighbors. Do some looking around to see thatyou are comfortable with the proximity of the neighbors, and that the surroundingsseem agreeable. Ask if there has been any line or boundary dispute and howthe situation was resolved.
What emergency services, including medical, are nearby? How close?
What restrictions and easements are associated with this property?Once again, there may be some covenants that will not allow you to builda certain type of home, to raise certain animals, to have multiple dwellings,etc. You need to know about these. There are typical easements on most properties,i.e. power and road easements. Inquire about others like cemetery easementsor the rights of others to use the property. Ask if a copy of the documentis available. May more than one dwelling be constructed per county ordinance?
Have you given any verbal permissions for others to use the property?If the answer is “yes", find out if those rights are easy to dismisswhen transferring ownership.
Power? Glance around to see if power, telephone lines are readilyavailable. If nothing is apparent, ask about nearest poles and be sure thereare existing power easements. Since some land owners will not give the powercompany the right to cross their property, it is not always easy to obtaina new easement.
What testing has been done on the property? Inquire about percolationfor well & septic, soil, termite, water testing for bacteria, etc. Whatwas determined by the tests? Be sure the property perks if no well and septicexists or if there is no access to public utilities.
What is the zoning for this particular area? The answer will affectyour possible use of the property and the value to some extent. You maycheck later at the county planning office to understand its potential development.
Has this area been subject to flooding at any time?
What amounts have you paid in annual taxes and insurance premiums forthe property?
What changes have you seen in the area over the past years? Whatis the history of growth? Is the economy stable or depressed?
What changes might I expect in the area over the next years? Anyexpectations of development? Is there an event on the horizon that wouldaffect the area you are considering living in?
As you can imagine, the owner may not be able to answerevery question you have during your meeting, so allow him or her to researchsome, then follow up at an agreeable time.
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