Buying real estate can be one of the most important purchases individuals make in their lifetimes. People often need to spend large sums of money to buy land, and issues can arise if purchasers are not careful when they enter real estate transactions. As a result, purchasers in Georgia and other states should keep some suggestions in mind when buying land.
Conduct inspections
It is important to conduct inspections when purchasing real estate. Some buyers think that they can tell if land has issues by reviewing the property themselves without the help of a trained professional. However, it pays to hire inspectors because these professionals have equipment and training necessary to assist in the buying process. Depending on the circumstances, buyers may wish to conduct a tank inspection, radon check and other types of inspections if there are structures on the land they contracted to purchase.
Title insurance
Title insurance is extremely important when buying property. Title insurance ensures that purchasers are protected if another party makes a claim on the property based on a mortgage, lien or other defect in title. Some individuals may not wish to pay the premium for title insurance, and others may think that they can review title records and be absolutely sure that there are no unknown liens or other issues with property. However, issues may exist with a property. An experienced real estate attorney may explain the benefits of procuring title insurance.
Zoning
Local zoning boards may restrict the uses of land in a variety of contexts. Some areas might be exclusively reserved for commercial use while other areas are reserved for residential use. It is important to discover if the land is properly zoned for the purpose for which you are buying the property.
Hire an attorney
Since purchasing property is such a big transaction, it is important to hire an attorney to assist in the purchasing process. An attorney may review all contracts related to the transaction and guide you through every step of the deal.
