5 Essential Things You Need to Know When Buying a Land or a Plot

Demand for plot and land is at an all time high. This is attributed to the ever increasing population. However, recent study conducted in the US reveals 23% of land buyers do not know what to look for when buying a land in Colorado.

Buying a land or a plot for investment or living is considered to be a major move financially. Before you decide to invest a huge amount of your savings in any scheme that is attractive or in a piece of land which you project will boom in the next five years, it is very important you trade carefully with lots of caution.

There are people who get fleeced every time they try to do any land deal and are subjected to heavy losses. Here are five important things you should know before you decide to buy a land or a plot.

Buying a Land

1. Check if the Property has cleared Legal titles

You need to check if the builder is offering you a pre launch scheme even when the land does not have a clear NA title. You will have to perform legal checks concerning the history of the land for sale in Colorado you are about to buy. Check if there are any third party interests or claims which could arise after you have made the purchase. Ensure you have a look at the ownership of the land papers. This will prevent you from lots of problems later on.

2. Have you understood your Rights In case of Delays?

There are people who have invested in real estate projects for the past two years and have not seen any major development as promised to them. One important lesson you need to learn from this is that you need to understand your rights on construction delay before buying a property.

Ensure you invest in a construction scheme where a start date and an end date are provided. Try maintaining a rapport with the other buyers so that in case of an emergency you will have a backing.

3. Check if the Land is on a Reserved Place

There are people who think developers will never do this. However, never be surprised if the government comes knocking after a few years asking you to vacate since the land has been reserved for government projects like a national museum, a soccer pitch or a school. You need to ensure that the land you are about to buy is clear of any such reservations.

4. Ensure you check the History of the Developer

There are people who are very desperate to buy a piece of land which makes them end up dealing with rogue developers. Such people end up being conned or buy land without all the required documents. It is very important for any buyer to first go through the operating history of the developer he or she plans to deal with.

Check the total number of projects they have managed to complete in the past. Try contacting some of the buyers who have previously transacted with the same developer and not their reviews about that developer. Check the total amount of transactions or business dealing which has been successful. Check if the developers delivered what they promised.

5. Check the number of documents the developer has to clear and what he or she has at hand

There are several land documents which you will have to ensure your developer has correctly cleared. Here are some of the documents you have to check if are properly cleared; Stamp duty document, Title deed, land revenue receipts, release certificate, Municipal corporation approvals and development agreement to allotment letter.

Ensure you always have professional and the right legal advice before you conduct any business with a developer.

This entry was posted on Saturday, November 4th, 2017 at 6:42 am and is filed under Buying land. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.