Re: OT Buying acreage/home

Posted by bc on January 01, 2010 at 11:06:47 from (71.158.222.215):

In Reply to: OT Buying acreage/home posted by matthies on January 01, 2010 at 09:20:53:

Around here most real estate transactions are handled by the realtors and brokers and the title insurance company they use for the title work.

Their forms are incomplete. They handle the usual inspections and disclaimers for termites, code inspections for electrical, plumbing, and mechanical systems and operation, mold and mildew inspections, lead paint, radon gas, etc. Get those inspections but usually the inspectors have so many disclaimers in their contracts, you can't go back on them very easy or cheaply. Same goes for the prior owners.

What they don't cover and deed searches don't show is things like water rights and who owns them (you may not get to drill a water well), mineral rights and oil leases, easements (read them) and where they are exactly located which limits your ability to build something on them and what the easement holder may be able tear up when they fix their line/pipe, EPA issues such as was there an old gas station there back in the 1930's to 60's that has or had leaky tanks just waiting to make your place an expensive EPA superfund site), historical sites there or nearby that may limit your right to build and repair, how its zoned and local zoning and subdivision rules and setbacks that may limit your right to have a repair shop or other business there such as horse boarding and also limit your right to build another home or move a trailer in for a kid, your local building codes and whether some repair to the electrical or plumbing is going to require a major rebuild to meet the latest code, etc.

I have a multiple page sales agreement but when I tell someone about all this, it always scares people off who just want to keep it simple. No such thing as simple but that is what they want. It's always the calls I get later about the mold or the county won't let them add a trailer for their son without a 40 acre minumum, etc. By then it is too late. Most of the stuff I mentioned is not something a lawyer can do cheaply, you have to get out and do your own leg work, and many people don't bother. Then they come crying to me for such things like the county won't let them keep more than 3 dogs without a kennel license and they aren't zoned for it or the zoning has changed with the previous owner grandfathered in and the grandfather clause doesn't apply to new owners.

Let the buyer beware and be forewarned. Then think things through with all future plans for the place. Then go out and do your do diligence.

Good luck.

Replies:

Add a Reply Name: E-Mail: Subject: Comments: Optional Link URL: Link Title: Optional Image URL: Optional Video Title: Optional Video URL: Advanced Posting Options Email Notification: If you check this box, email will be sent to you whenever someone replies to this message. Your email address must be entered above to receive notification. This notification will be cancelled automatically after 2 weeks.   Advanced Posting Tools   Upload Photo  Select Gallery Photo  Attach Serial # List  Return to Post

TRACTOR PARTS	TRACTOR MANUALS

We sell tractor parts!  We have the parts you need to repair your tractor - the right parts. Our low prices and years of research make us your best choice when you need parts. Shop Online Today. [ About Us ]