Land keeps gaining value, unlike many other properties that depreciate in value after several years. This is the reason many people are interested in buying land. When buying land, you need to be careful to ensure you do not get a bad deal.
If you are a first-time buyer, you might not be familiar with the process of buying land. When looking for West Virginia land for sale, below are the things you need to watch out for during the process.
Property Back Taxes
When you are discussing with the seller about the sale of the land, you should ask the seller if they have been paying property tax. If there are property taxes pending on that land, ask the seller to clear them before you purchase it. If you buy land with overdue property taxes, you will have to pay them as the new owner.
Genuine Ownership Documents
The property deed in the owner’s name will be enough proof that the seller is the owner. However, not all documents are genuine and you might end up being a victim of fraud if you do not check if the documents are genuine. You can do a search to confirm the true owners of the land.
Encumbrances on the Land
Before you buy that West Virginia land for sale, you need to confirm if there are encumbrances attached to that land. Encumbrances will affect the ownership of that land restricting the owner from passing a good title to you.
Encumbrances that might restrict the owner from selling their land legally include bank loans, easements, leases or restrictive covenants.
Price of Land
Your budget is very important when it comes to purchasing land. You need to ensure that the West Virginia land for sale is within your purchasing power. Do not go for land that will be difficult to pay or has unfavorable payment terms.
Property Zoning Laws
You should also know which zoning laws are in effect where the land you want to buy West Virginia land for sale. Zoning laws dictate which activities you are allowed to carry out on your land and which are prohibited. If you want the land to build rental apartments, you need to buy land in an area where zoning laws allow it.
Buy Land in West Virginia
When you are buying land in West Virginia, you will encounter several hurdles but it is worth it. These hurdles are put in place to ensure that you gain genuine ownership of the land in question. You should never rush into a sale, take your time to ascertain the sale is legal.