Buying real estate can be challenging, mainly based on the type of property you plan to purchase. Some property types can have distinct characteristics, adding more complexity to the process, such as when conducting due diligence. This statement can apply to buying undeveloped land.
Since this type of property is raw, there are requirements during due diligence you should review as a buyer. These essentials can be crucial to the buying process, including the following:
- A disclosure report issued by the state’s Department of Real Estate, which can indicate whether the property’s sale is lawful or not
- A water resources report, potentially showing if the property has sufficient water supply or whether you need to plan for digging a well
- Inspection of the land’s vicinity, allowing you to determine other issues excluded from its documentation
- Schedule of deadlines, helping you define a timeline throughout the purchasing process
When buying undeveloped land, there are strict regulations regarding its associated procedures. As a buyer, you may have a specific date to rescind the purchase from signing the agreement. If you notice anything wrong with the property, you may need to issue a rescission notice before the deadline to make the action valid.
Making rational decisions before finalizing the purchase
Due to its complexity, buying undeveloped land can take significant time and effort. Sometimes, a seller might be vague when communicating the appropriate deadlines for the purchase. Other times, there might be discrepancies with the paperwork, making the purchase legally unsound. Due to its unique qualities, seeking legal counsel for buying this property type can be beneficial. Having valuable legal guidance can help you make reasonable decisions and navigate the process efficiently.