Doing due diligence and using a title company is vital when buying any property. You might think that there is no need to spend time researching a site or pay a $ 500 transaction header report, but you could lose more. Here are a few things to consider.
Opening an escrow and receiving a title report will show you registered tax liens, outstanding loans, valuations, easements, or a cloud of title inconsistencies. Imagine buying a property later and discovering that you are now responsible for paying thousands of dollars in property taxes or homeowners association tax arrears.
Other determining factors could be easement provided by a neighboring property owner who has the right to access their property through your land. Or a previous owner who still accidentally took ownership of the property, which led to the cloud.
Your land may also be part of a homeowners’ association, which may collect maintenance fees. It is important to know what services are offered for the fees paid.
It would be best if you research how the land can be used. Whether you plan to build a home, hunt, or use it as a hiking and campsite, everyone has different needs.