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A Comprehensive Checklist Before Buying Vacant Land in the U.S.
Many of my clients believe that if a parcel of land is for sale, it is buildable. My research into land parcels all over the U.S. told me that much of the land for sale cannot be built upon. I have even stopped clients from buying land that they were planning on making an offer on the next day! Real estate agents are not legally required to disclose if the property is buildable or not. This checklist will stop you from getting stuck with a parcel you cannot build your dream house or homestead on.
Is The Land Priced Lower Than Neighboring Lots?
If the asking price is significantly lower than its neighbors, there is usually something wrong with it. I once had a client call me about a $50,000 vacant lot nearby other lots that were going for $200,000. I quickly checked the zoning code while I was on the phone and found that the minimum lot size to build was 5 acres. This parcel was only 2.5 acres. It would be completely illegal to build on, just because of zoning. You cannot change the rules, but you can do your own due diligence.
Is The Property Buildable?
You can find out this information yourself. You do not need to be a property lawyer, but you will need a lot of patience for dry text. I would start with the…
