Things you run into when purchasing you ask???????? As an Attorney and Real Estate Broker over the years and one who bought and sold several tracts of land, I can offer a professional "Opinion" albeit NOT researched and not aware of all the facts and your local conditions SO NO WARRANTY, my advice or any opinions here are worth just what you paid NOTHING LOL. Still, no harm in seeking out opinions and most here are well intentioned and can indeed provide valuable help......
BEFORE you pay big bucks for Real Estate, things you need to know are, but not limited to:
1.) Are there mortgages, liens (tax, mechanics judgment etc) or other encumbrances EITHER a) Of record or B) Those one can find by a reasonable inspection
2.) Are there any recorded easements or implied easements??? Are there any mineral or timber etc rights reserved or gas or coal leases??
3.) Is the residence or any buildings located WITHIN THE PROPERTY BOUNDARIES?? Thats what a Location (Mortgage) Survey can reveal.
4.) Whats the current ZONING
5) What rights and condition and quality of Title does the seller actually have????????
6) In your area is an Abstract and Attorneys Opinion utilized or is Title Insurance the norm???
7) Are you going to purchase and get a Warranty Deed right off or considering a Conditional Land Sales Contract or Purchase Money Mortgage or what??
On and on I could fill the forum BUT IM SURE YOURE GETTING THE IDEA
Heres the "deal" In the event you require a Mortgage, before the bank sticks their neck out THEY ARE GOING TO MAKE SURE OF ALL THE ABOVE, at your expense, of course so most of these concerns will be discovered and answered. Often a local Attorney and/or an Abstracter will search out all the above and then EITHER (local practice) render a Professional Opinion of Title, or else use an underwriter to sell you a Policy of Title Insurance. One problem with that is some real estate brokers and "some" bankers may or may NOT be aware of is any problems the insurance company is afraid of, they exempt in the A or B exceptions which many real estste brokers may not even read or make you aware of........
BUTTTTTTTTTTT dont let this scare you, real estste is usually bought n sold with no problems
MY BEST FREE ADVICE IS TO HIRE A LOCAL ATTORNEY WHO WORKS IN THE AREA OF REAL ESTATE LAW and dont rely too much on advice from others including myself who is NOT familiar with your laws and the practices in your locality. You shouldnt risk $170,000 on advice found here!!!
Best Wishes and God Bless I hope it works out for you, Im NOT trying to scare you, just giving you my best honest professional and experienced advice
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