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CHECKLIST:
What You
Should Know
. . . Before
Making Your Decision!
We've already suggested that you
NOT begin searching for property until you are
ready, willing and able to make your purchase.
There is one very important reason for giving this
advice. The past twelve months have been the
busiest in thirty years for us.
Properties you see today may be
sold by tomorrow. Yes! It has been that busy. So,
we think it makes better sense to wait until you
are committed to making a purchase before beginning
your search. Now - having said that - we offer you
this checklist of information you'll need to know
to make your purchase:
1.
Has the property been surveyed recently? If
not, have it surveyed before buying. Boundary overlaps, property
line disputes, and errors from previous surveys are not uncommon.
A new or recent survey assures boundary integrity, and provides
the basis for title insurance.
2.
What is the topography of the property? How
does the property lay? Is it gently sloping, steep and severe, flat,
or rocky & mountainous? Since you probably won't walk the entire
property before making your decision, ask for a topo map showing
the lay of the land.
3.
Is the property accessed by public road or right-of-way?
Purchase contracts provide
that a property must have access. If it fronts on a public road
- so much the better. Public roads in North Carolina are always
numbered. If not, a deeded right-of-way may be sufficient.
4.
How much are the property taxes each year? Property
tax valuations and rates are considered public knowledge. They may
be obtained from the county tax assessor's office, or from the listing
broker.
5.
Are there any restrictive covenants or zoning on the property?
You may have a special purpose
for the land you purchase. Be certain there are no laws or restrictions
against the use you have in mind. The listing broker can provide
this information.
6.
Will sellers finance the property or do they expect cash?
Many property owners offer
financing on their land. If this is important to your purchase,
ask the listing broker about the sellers terms and interest rate
expected. Seller financing can save both time and closing costs.
7.
How much earnest money is required with a purchase offer?
Earnest money is negotiable
between buyers and sellers. No set amount is dictated by law. Tradition
holds that buyers offer an amount sufficient to assure sellers of
their commitment to complete the purchase.
8.
What, if any, utilities are provided? Water,
sewer, and electricity are often key concerns for land buyers. Drilled
wells are most common with county water systems available in some
areas. Septic tanks provide sewage disposal. Local power companies
serve virtually all areas.
9.
How much are the closing costs to complete the transaction?
On cash transactions, buyers
pay for the title search, title insurance and recording fees. Sellers
pay for deed preparation & revenue stamps. With seller financing,
buyers pay for preparation of the note & deed of trust.
10.
Are there any hunting leases in effect on the property?
With the abundance of wildlife
in the mountains, owners sometimes lease hunting rights on their
land. You'll want complete control of your property once purchased,
so ask the listing broker if any leases exist.
11.
Are there easements or rights-of-way for the benefit of others?
Many tracts are accessed
via rights-of-way across other properties. If easements or rights-of-way
exist across the property you are buying, you'll want to know. Ask
the broker or your attorney for details.
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