Land is valuable asset to it’s appreciating aspect. It is considered a good fixed asset and everyone desires to have land to their name. The process of owning land can have a few challenges. Therefore here are a few things that should be in your checklist once you identify land that you want to purchase;
First, avoid buying land where Succession formalities have not been completed. If the name of the seller does not match the name on the title deed, this could lead to legal complications. In most instances, the family will deny that they even authorized the sale. If possible request to check the Court file to check if the matter has been completed.
Second, do not develop land before getting approval from the County Government and other relevant bodies. This is because if land is meant for agricultural purposes, it must go through change of user for it to be developed into real estate. Failure to comply to such measures may lead to the land being take away by the government.
Third, the seller may try convince you to pay some sort of booking fee or commitment fee before the transaction begins. You must ensure that you establish that there is land, that the land belongs to the person posing as a seller and that there is a formal written agreement before exchanging money.
Fourth, do not pay any deposit or full amount to the seller without signing a Sale Agreement. Agreements of sale are a requirement of Law for them to be enforceable. Only pay the deposit after signing the sale agreement.
Fifth, you maybe tempted to pay more than 10% of the deposit or even the full amount to the vendor upon signing the agreement. It is worth noting that you should pay the full amount once land has been transferred to your name.
Sixth, check the Land's proximity to the airport, river, ocean, national parks, schools, Railway Lines and other public bodies. This is because you will need consents from the bodies that near the land you want to buy
Lastly, do not forget to physically visit the land that you want to buy. You might have identified your land through an agent, make sure that they can take you to visit the land before any payments. Ensure that it meets your expectations. Do not be duped into making a purchase without confirming the location and its state. Ensure that the land does not flood and the people that live on it too.
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