Posted on: 22 July 2022Share
Some people overlook conveyancing services when buying undeveloped land. After all, the transaction is pretty straightforward since they do not need property and building inspections. Unknown to them, a conveyancer's input can help them avoid legal issues or incurring unnecessary costs as they purchase undeveloped land. Below is an extract with compelling reasons to hire a conveyancer when buying undeveloped property.
Real Estate Forecast
Conveyancers have an in-depth understanding of the local real estate market. Therefore, they are best placed to offer consultation services to ensure the purchased land meets your long-term goals. Ideally, the professional gives a comprehensive report of the current and future trends in the real estate market. For instance, you could be shocked to find out that residential developments could be outrun by commercial properties in the future. Suppose you plan to build a retirement home; the conveyancer can predict your future neighbours. If millennials will inhabit the area in the future, you could opt to construct and rent out the property.
The due diligence process reveals the following;
- Whether or not the land is legally registered to the seller. For instance, it is not uncommon to find people selling an inherited property. In this case, the conveyancer examines the probate process and the deceased's will to confirm if the property legally belongs to the seller.
- When buying a large parcel of land for subdivision purposes, the conveyancer discloses the requirements you must meet. For example, you could be required to allocate some land for public amenities such as schools and hospitals.
- The conveyancer informs you about zoning and land planning regulations that could affect the proposed development. For example, you could be prohibited from building tall buildings. Besides, zoning laws determine how you can use the property.
- The lawyer assesses the existing easements on the property. After all, it would be heartbreaking to build a storey building only to find out that the local power company has a right to install overhead cables on the property.
Undeveloped land is significantly cheaper compared to homes and commercial premises. Nevertheless, it is wise to appraise the property to determine whether it is priced reasonably. The conveyancer is best suited to appraise and negotiate the property. The conveyancer also ensures that the asking price includes all amenities and fixtures on the property. For instance, when buying a farm, you could need the existing sheds, garages, tanks, and irrigation equipment.
A conveyancer will help with real estate forecast, due diligence, and property appraisal when buying undeveloped land.