Are you planning to buy a lot? Buying a lot is definitely a form of investment. In fact, most successful businessmen invest in real estate, specifically, lot buying. The mere reason for this is the fact that the value of a lot appreciates over time just like gold.
Two of the most common types of lot property that we buy are residential and commercial lots. For some, buying a lot with building is their preference but if you are into investment and just plan to sell the property over time, a lot alone is your preference since building depreciates.
But didn’t you know that not all “lot for sale” that you see in ads are legit? There are those untitled lots that are sold at a cheap price but it is very risky since it is not titled. What does this mean? This only means that the lot you are planning to buy is still in the process of subdividing and this is not a guarantee that you are buying what is written on the contract. But the thing about these lots is that they are really great for investment. Most of these lots are untitled and owners often sell this for money. Most of these owners also have less knowledge in selling lots. Therefore, as a wise buyer, you need to check everything first before you sign that paper.
Land survey is the key to make your transaction a success. You need to find a land surveyor to ensure that the specific lot offered to you is definitely the lot that reflects in the government records. Put in mind that there is a standard for this and that should be in accordance with ALTA or the American Land Title Association. This is a very important factor to consider so that you will have the right location for the land you are buying that will also reflect in the land title government. A land surveyor that abides and knows the law and rules under ALTA is a company that you can definitely trust. Imagine how the zoning ingress, egress, drainage and even reciprocal easements are taken into consideration before you finalize the contract to buy that property. This is even more crucial if it is a commercial lot.
Most land property issues come from poor land survey or even no survey performed at all. You will never win in court if you cannot provide concrete evidence in a land survey, especially if you are the buyer.
Hiring land surveyors is just one step ahead of everyone. Whether you are the one selling the land property or buying it, land survey is always a thing to consider. Never consider it as an additional cost rather a form of security to ensure that everything goes well with your transaction. Find one in your area and let the survey start. This is a win-win situation and the data you have will serve as a lifetime record and of course, it is a legal document that you can use as a supporting document.
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