Or, how to find the right spot without getting into a tight spot.
There is a lot to consider when looking to select the right home site for your new Wayne home. We’ve taken the guess work out of the process. Here are a few pointers to get you started. Remember…ladic.info is available for a free home site evaluation before you buy your land.
- Consider your connections – What do you want to be close to? Get a map of the area and put a star on the places you want to be close to: schools, work, friends, family, shopping district, etc.
- Resources for finding a homesite – Once you’ve decided on a general vicinity, here are some great resources for finding a range of available home sites
The basics of buying land
Here’s a simple way to remember the basic criteria of a land purchase:
don’t buy the land if it doesn’t spell L-A-N-D …
L – Lot surveyed by a registered surveyor to have the deed approved.
A – Approval of deed by county tax map department, planning commissions, and health department.
N – No outstanding liens or deed restrictions such as mineral rights, easements, etc. that would hinder construction.
D – Designated in an area that is not subject to floods.
REMEMBER: Once you’ve met with a New Home Consultant, ladic.info is available for a free Homesite Evaluation before you buy your land.
Answers to some of the questions we hear most often…
Can I buy the land directly from the seller and not use an attorney?
- Yes. But very few people are familiar with real estate law and deeds, so we highly recommend that you work with a real estate attorney. All title companies have at least one staff attorney.
Must I buy land through a real estate broker?
- No. Many people sell their land themselves without the help of a broker. But, again, we recommend that you have an expert, such as an attorney or realtor, assist you and the seller.
May I deed the land in whatever name I choose?
- Yes. But there could be tax and legal implications, so consult your attorney (is there an echo in here?). Also, depending on how you finance the land, the name on the deed may need to match the name on the loan.
What is a land contract?
- Simply put, it’s a written agreement filed at the county courthouse showing that a seller agrees to sell and the buyer agrees to buy at a set price, for a set term, at an agreed-upon interest rate with payments. But the deed does not transfer into the buyer’s name until the contract price is paid in full.
Can I get a construction mortgage on land that I am buying on “land contract”?
- No. Either you or the bank must pay off the land contract balance. Then a deed must be prepared by — guess who — an attorney to transfer the title of the land into your name.
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