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The Do's and Don'ts of Land Buying

Do’s

  • ALWAYS... discuss the availability of owner financing. Many banks are reluctant to finance land. Some real estate companies can arrange financing with the owner or with a local bank familiar with the community. Bluegreen will assist you with locating financing
  • ALWAYS... appreciate the importance of a professional staff. The highly trained men and women at Bluegreen are well versed in all facets of land acquisition, should offer to walk the land with you and answer any of your questions. Taxes, building codes, deed restrictions, construction costs, and comparable properties all should be marked for your inspection.
  • ALWAYS... ask for a recent survey. The more recent the survey, the better chance for accuracy and reliability. Ask your Bluegreen representative that a survey map be made available when you arrive to view the property, which should be marked for your inspection.
  • ALWAYS... attempt to acquire a warranty deed. A warranty deed provides the most protection and the best representation as to the quality of your title. With this instrument, the seller guarantees to you that the title to your land is free of any past or present encumbrances that the seller or his predecessors created which are not disclosed in the deed. A breach of those representations gives rise to a claim for the seller to repurchase the property.
  • ALWAYS... inquire about the availability of title insurance, which protects the insured against a loss which might be occasioned by a defective title.

Don’ts

  • NEVER... buy a property without adequate access. Even if you never intend to use the property, you will need reasonable access in the event of a resale.
  • NEVER... buy a property on an agreement or contract for deed if you intend to build before paying for the property. If disaster strikes and foreclosure occurs, the building becomes a part of the property and is forfeited at foreclosure.
  • NEVER... agree to forfeit your deposit if unable to obtain your own financing. Land financing may be difficult to obtain.
  • NEVER... agree to purchase property, which is uninsurable. The value of your property is directly proportionate to the rights you hold in that property.
  • NEVER... buy a property without adequate access. Even if you never intend to use the property, you will need reasonable access in the event of a resale.
  • NEVER... buy a property on an agreement or contract for deed if you intend to build before paying for the property. If disaster strikes and foreclosure occurs, the building becomes a part of the property and is forfeited at foreclosure.
  • NEVER... agree to forfeit your deposit if unable to obtain your own financing. Land financing may be difficult to obtain.
  • NEVER... agree to purchase property, which is uninsurable. The value of your property is directly proportionate to the rights you hold in that property.