However your plans could quickly get derailed if you don’t pay attention to the closing process and your signed contract. Most buyers purchase their land for sale in Alabama on a certain set of future factors that are certainly not set in stone, these assumptions could get you in big trouble in the coming years of being a land owner.
A savvy buyer will consider the what ifs to a piece of property, these assumptions could be something as simple as continued access to your Alabama property. I purchased a 100 acre land tract years ago and it had a survey, county tax map, seller disclosure statement, and the sale was through a licensed Real Estate Broker. With all this being said and also with me having over 700 real estate transactions under my belt the unthinkable can still happen, my land ended up land locked.
The buyer should review each and every aspect of the contract, ask questions and have someone to hold responsible for each question asked. After this process the buyer can determine if there is anything to truly worry about. Remember sometimes the best deal you make is the one you walk away from. Unless you are an experienced buyer and have resources behind you and also unless you are getting a great deal on your Alabama land for sale, do not take on any known problems, sometimes they could take years to fix.
To reduce your risk before you ever get to the negotiating table, a buyer should gather as much information about each prospective land tract as possible. Then you can systematically approach each property and evaluate it and list it from one to ten or ever how many you chose to make a run at.
Here is a short list of factors to help put a land tract in or out of your list.
- Location, the specific location you desire to be in is very important in your decision making process.
- Understanding your land and property rights. What are the proposed uses for the land, make sure for example the if you want pasture land and you plan to range your own herd make very sure there is not an existing lease or grazing rights hanging out there that could mess up your plans.
- Undivided interest. Undivided interest does not necessarily mean problems at closing but my experience has been it can cause issues. If you get down to the end of the closing process and just one individual decides not to sell your transaction is finished, you can not compel that seller to sign anything without court action
A word of advice to Alabama land for sale buyers who are unfamiliar with properties in their target area, property values or legal documents involved in the closing should seek competent legal and rural real estate professionals before completing the transaction.